Australia’s Regulator Suspends License of FTX’s Local Affiliate

The Australian Securities and Investments Commission (ASIC) has suspended a financial services license issued to the local division of FTX, as stated in the press release issued by the organization.

According to the regulator, the restrictions will be valid until May 15, 2023. However, it has allowed FTX Australia to provide “limited financial services” until December 19 this year.

The regulator has added that three people have been appointed as volunteer administrators of FTX Australia and its subsidiary FTX Express Pty Ltd.

Sam Bankman-Fried’s company announced in March it was opening a subsidiary in Australia and obtaining a license to provide financial services. The platform offered users a full range of exchange and over-the-counter products.