The corporate regulator was powerless to prevent failed crypto exchange FTX from acquiring an Australian Financial Services Licence when it bought an existing licence holder, the chairman of the corporate watchdog said, as he called for the government to close the loophole.
If ASIC was able to scrutinise the purchaser of a licence, it could assess compliance plans, back office capability and capital adequacy. Such questions are fundamental when a new licence application is made. But none are asked when someone buys a licence off an existing player, as FTX did with IFS.ASIC raised the lack of power to scrutinise licences with Treasury during a review of the commission’s powers in 2017, when Scott Morrison was treasurer.
they were too busy doing… uhmm..
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