{"id":545339,"date":"2023-01-30T06:57:38","date_gmt":"2023-01-30T03:57:38","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/aussie-regulator-flagged-concerns-about-ftx-months-before-collapse-report\/"},"modified":"2023-01-30T06:57:38","modified_gmt":"2023-01-30T03:57:38","slug":"aussie-regulator-flagged-concerns-about-ftx-months-before-collapse-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/aussie-regulator-flagged-concerns-about-ftx-months-before-collapse-report\/","title":{"rendered":"# Aussie regulator flagged concerns about FTX months before collapse: Report"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2eaeb5b963b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2eaeb5b963b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/aussie-regulator-flagged-concerns-about-ftx-months-before-collapse-report\/#%E2%80%9D_Aussie_regulator_flagged_concerns_about_FTX_months_before_collapse_Report_%E2%80%9C\" >&#8221; Aussie regulator flagged concerns about FTX months before collapse: Report &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Aussie_regulator_flagged_concerns_about_FTX_months_before_collapse_Report_%E2%80%9C\"><\/span>&#8221; Aussie regulator flagged concerns about FTX months before collapse: Report &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvM2M0NTlhYjgtMmNmZS00MDNmLWIwYmItODIzNTliYzExOGEzLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>Australia\u2019s financial regulator reportedly raised concerns over FTX\u2019s local Australian subsidiary as much as eight months before the exchange met its untimely end in November.<\/p>\n<p>According to documents <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.theguardian.com\/australia-news\/2023\/jan\/30\/australian-regulator-had-ftx-under-surveillance-at-time-of-collapse-documents-reveal\">obtained<\/a> by Guardian Australia, officers of the Australian Securities and Investments Commission (ASIC) were concerned about the way in which FTX Australia was operating as it was able to obtain a license in the country through a company takeover. <\/p>\n<p>As per a previous report from Cointelegraph, FTX acquired its Australian financial services license (AFSL) by taking over financial institution IFS Markets in December 2021 before opening up for business months later in March 2022. <\/p>\n<p>This is allowed FTX Australia to effectively sidestep the same level of scrutiny that is usually <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lied to new AFSL licensees, according to its ASIC chief Joe Longo. <\/p>\n<p>As per newly obtained documents, the regulator reportedly issued a Sect 912C notice to FTX the same month it began operating, which required the crypto exchange to provide documents about its operations for ASIC to assess if it met AFSL license conditions. <\/p>\n<p>With the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/classic.austlii.edu.au\/au\/legis\/cth\/consol_act\/ca2001172\/s912c.html#:~:text=Download%5D%20%5BHelp%5D-,CORPORATIONS%20ACT%202001%20%2D%20SECT%20912C,licensee%20or%20its%20representatives%3B%20or\">notice<\/a>, ASIC can direct the licensee to provide documents specifying what financial services they provide, the financial services business carried on by the licensee and to determine if the licensee satisfies the &#8220;fit and proper person test.&#8221; <\/p>\n<p>A briefing document obtained by the outlet has also confirmed that in the months between the initial concern and FTX collapsing on Nov. 11, the regulator had put the exchange under \u201csurveillance activity\u201d and a total of three notices were issued to FTX. <\/p>\n<p>The document schedule also reveals that the regulator was still concerned about FTXs operations as late as October 2022. <\/p>\n<p>Cointelegraph reached out to ASIC for a comment but did not receive a response before publication. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>ASIC fires industry warning shot as it sues BPS Financial over crypto promo<\/em><\/strong><\/p>\n<p>FTX Australia was one of more than 130 FTX-linked companies that halted operations after its parent company FTX went into bankruptcy proceedings on Nov. 11, 2022. <\/p>\n<p>The Australian subsidiary of FTX had its financial license suspended on Nov. 16, 2022, and has gone into voluntary administration.<\/p>\n<p>It&#8217;s estimated around 30,000 Australian customers and 132 companies are owed money or crypto from the exchange.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/aussie-regulator-flagged-concerns-about-ftx-months-before-collapse-report\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Aussie regulator flagged concerns about FTX months before collapse: Report &#8220; Australia\u2019s financial regulator reportedly raised concerns over FTX\u2019s local Australian subsidiary as much as eight months before the exchange met its untimely end in November. According to documents obtained by Guardian Australia, officers of the Australian Securities and Investments Commission (ASIC) were concerned&#8230;<\/p>\n","protected":false},"author":1,"featured_media":545340,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/3c459ab8-2cfe-403f-b0bb-82359bc118a3.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75461,135234,89897,20358,117,70934],"class_list":["post-545339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-asic","tag-ftx","tag-sam-bankman-fried","tag-australia","tag-business","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/545339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=545339"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/545339\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/545340"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=545339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=545339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=545339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}