According to documents obtained by Guardian Australia, the Australian Securities and Investments Commission (ASIC) was concerned about the way that FTX Australia was operating after it was able to obtain a license in the country through a company takeover. According to a previous report from Cointelegraph, FTX acquired its Australian financial services license (AFSL) by taking over financial institution IFS Markets in December 2021, before opening up for business a few months later in March. This is allowed FTX Australia to effectively sidestep the same level of scrutiny that is usually applied to new AFSL licensees, according to its ASIC Chairman Joe Longo.
Extract from article of Cointelegraph
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