Australian Securities and Investments Commission ASIC has revoked the license of bankrupt cryptocurrency exchange FTX Australia. The license revoked exchange will continue to offer limited financial services to local customers. However, the crypto trading platform will cease operating in the country in July of next year.
ASIC stated that it wants the FTX exchange to cover customer losses by July 2023. FTX Australia has served nearly 30,000 retail customers and 132 local companies to date.
Taking action after its bankruptcy in November, the agency suspended FTX Australia’s license, which allows derivatives and foreign exchange options for local customers. With the collapse of the stock market, the executives of a consulting company operating in the country took office to restore the local leg.
Will FTX Be Restarted?
The news that the crypto giant, which went bankrupt in the last few weeks, wants to start operating again, is frequently on the agenda. Last month, an FTX executive presented important documents to the US court. According to the documents, the crypto platform has regained $7 billion in assets. However, $ 8.7 billion, which Sam Bankman-Fried administration did not use correctly, is still missing.
For now, it does not seem possible for the giant cryptocurrency exchange to be active again. Even if this is true, it is a question of how investors will trust a platform with the same name again.
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