{"id":81904,"date":"2023-07-19T14:24:52","date_gmt":"2023-07-19T11:24:52","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81904"},"modified":"2025-09-12T01:50:22","modified_gmt":"2025-09-11T22:50:22","slug":"australian-regulator-annuls-ftx-license","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/australian-regulator-annuls-ftx-license\/","title":{"rendered":"Australian regulator annuls FTX license"},"content":{"rendered":"

The Australian Securities and Investments Commission (ASIC) has annulled the AFSL<\/span> license of the local arm of the collapsed cryptocurrency exchange FTX<\/a>.<\/p>\n

\"Snimok-ekrana-2023-07-19-v-13.39.40\"
Data: Twitter<\/a>.<\/figcaption><\/figure>\n

The order took effect on July 14. From that moment, the platform has one year to settle its debts and wind down relationships with users.<\/p>\n

According to the regulator, FTX Australia served around 30,000 retail clients and 132 local businesses.<\/p>\n

The cryptocurrency exchange opened a division in Australia<\/a> in March 2022. A few days after filing for bankruptcy in November, ASIC suspended<\/a> the platform’s license, which allowed it to offer derivatives and currency contracts.<\/p>\n

The regulator also appointed John Muawad, Scott Langdon and Rahul Goyal from KordaMentha as voluntary administrators<\/a> for the restructuring of FTX Australia and its subsidiary FTX Express.<\/p>\n

Local media reports said that ASIC was concerned<\/a> about the operations of the Bitcoin exchange’s division and had been closely watching it long before the collapse.<\/p>\n

In June 2023 reports emerged that over six months the collapsed company spent $121.8 million<\/a> on consulting and financial services. Of that, $761,000 went to a working process called ‘relaunching the exchange’.<\/p>\n

In January, the platform’s current chief John Ray first disclosed<\/a> that a special task force was examining the possibility of reviving the company’s activities.<\/p>\n

In April, Sullivan & Cromwell allowed<\/a> for restructuring the exchange rather than liquidation or sale. The schedule they proposed envisaged that a detailed plan would be submitted in Q3 2023.<\/p>\n

At that time, the idea of reviving FTX was voiced<\/a> by the former head of institutional sales Zayn Taket. In his view, the platform should resume offering all products that existed before the collapse, adding a market for tokenised claims.<\/p>\n

As reported in the press release, the exchange’s management team stated<\/a> that it had achieved “significant progress” in securing client funds and, to date, had returned liquid assets totaling around $7 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Australian Securities and Investments Commission (ASIC) has annulled the AFSL license of the local arm of the collapsed cryptocurrency exchange FTX.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[108,1236],"class_list":["post-81904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-australia","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81904","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=81904"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81904\/revisions"}],"predecessor-version":[{"id":81905,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81904\/revisions\/81905"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=81904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=81904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=81904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}