Cryptocurrency NewsAustralia Revokes FTX's Operations: ASIC Cancels AFS License

Australia Revokes FTX’s Operations: ASIC Cancels AFS License

The Australian Securities and Investments Commission (ASIC) made an announcement stating that the AFS license of the bankrupt crypto exchange FTX’s Australian entity has been revoked, starting from July 14. Previously, the Australian branch of FTX had catered to 30,000 retail clients and provided services to 132 domestic companies.

According to the press release issued on Wednesday, FTX Australia will still be allowed to offer restricted financial services while concluding its interactions with clients until July 12, 2024. During this time, ASIC has requested the company to make efforts towards compensating its clients.

“The cancellation has no effect on requirements for FTX Australia to continue as a member of the Australian Financial Complaints Authority, and to have arrangements for compensating retail clients.”


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