ASIC has suspended FTX Australia Pty Ltd’s Australian financial services licence until 15 May 2023, following the firm’s voluntary administration on November 11, 2022.
FTX Australia can continue to provide limited financial services until December 19, 2022. Due to limitations, it can only provide services related to the termination of existing derivatives with clients.
John Mouawad, Scott Langdon, and Rahul Goyal of KordaMentha were appointed as voluntary administrators of the unlicensed digital currency exchange FTX Australia and its subsidiary, FTX Express Pty Ltd, on November 11, 2022.
Prior to the suspension, FTX Australia’s licence allowed it to work with both retail and wholesale clients. FTX used to deal in the derivatives market and provide general advice relating to derivatives and foreign exchange contracts.
The suspension was placed on the same day when FTX and its sister company, Alameda Research, along with FTX Group entities, including 130 companies filed for chapter 11 bankruptcy.
ASIC is monitoring this situation closely and speaking regularly with international regulators and external administrators.