Aussie regulator flagged concerns about FTX months before collapse: Report

As per a previous report from Cointelegraph, FTX acquired its Australian financial services license by taking over financial institution IFS Markets in December 2021 before opening up for business months later in March 2022.that is usually applied to new AFSL licensees, according to its ASIC chief Joe Longo.

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., 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"fit and proper person test.

A briefing document obtained by the outlet has also confirmed that in the months between the initial concern and, the regulator had put the exchange under “surveillance activity” and a total of three notices were issued to FTX. The document schedule also reveals that the regulator was still concerned about FTXs operations as late as October 2022.Related: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.

The Australian subsidiary of FTX had its financial license suspended on Nov. 16, 2022, and has gone into voluntary administration.

Source: News Formal (newsformal.com)

Then why not sent out warning before the crash? Is it really really hard to send a notice about suspicious activities of an exchange?

Of course they did. They all do after something happens. 😂😂😂

After all this ......i knew it,i suspected it blah blah!

So the regulator was concerned in March 2022. And 'the regulator was still concerned about FTXs operations as late as October 2022'... I feel like I should have been a regulator. I'm qualified. I am also always concerned about lots of things without doing anything about them.

After its collapse, FTX's Australian subsidiary was under surveillance by Australian regulators for at least eight months.

You have proven to me that you are genuine and i can trust you with my last dime protraderjason thanks for the payouts

The Five Eyes are surveilling every major crypto exchange because they hate crypto, not because they're investigating.

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