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ASIC Pulls Plug on FTX Australia, Withdraws Its License
FTX Australia, the local subsidiary of the bankrupt crypto exchange FTX, has lost its license to operate in the Asian-Pacific country. The Australian Securities and Investment Commission (ASIC) announced the cancellation of the license on July 19.
Previously, it had suspended the license in November after FTX Global declared bankruptcy. As of when the license was suspended, FTX Australia had about 30,000 retail clients. It also serviced 132 Australian companies. Consequently, many were surprised to discover that FTX Australia had been operating with a non-specific Australian Financial Services License.
FTX Australia’s Controversial License
FTX Australia did not receive its license directly from the ASIC. Instead, it got the license through a series of takeovers. The original firm had obtained the license in 2008. Consequently, the license was not specific to its services in Australia.
Based on its license, FTX Austra
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