A UK charity, Effective Ventures Foundation (EVF), has been investigated and absolved of any wrongdoing by the Charity Commission, which recently raised concerns about its possible ties to the defunct exchange FTX.
According to a press release issued on Wednesday, May 22, EVF is said to have received over £3 million from FTX’s foundation. The investigation began back in 2022 after FTX’s collapse and the arrest of its founder, to check if there were any conflicts of interest at EVF and if its funds were secure.
Despite the absence of any misconduct and lack of evidence to prove guilt of any wrongdoing, the commission observed that EVF had some concerns regarding potential conflicts of interest.
Amy Spiller, Head of Investigation at the Charity Commission, also added her view concerning the same:
“It’s important that people have trust in charities to take swift and appropriate action when faced with serious incidents.”
She also added:
“After the demise of FTX and the subsequent jailing of its founder, Sam Bankman-Fried, the Charity Commission wanted to ensure that Effective Ventures had protected itself against financial or reputational damage.”
Since then, EVF has intensified its prevention measures and regularly reviews its conflict of interest practices as well as financial internal controls. Thus, the Charity Commission tends to be satisfied with these changes and feels that EVF is in a much better state going forward.
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