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The Guardian - AU
The Guardian - AU
National
Josh Taylor

Senator raises concerns over lack of checks for crypto businesses seeking financial services licences

Crypto Andrew Bragg Cryptocom United States ASIC Australia Guardian Australia FTX Stephen Jones Visa
Cryptocurrency exchange FTX obtained an Australian Financial Services Licence by taking over a company that already held one.
Cryptocurrency exchange FTX obtained an Australian Financial Services Licence by taking over a company that already held one. Photograph: Marta Lavandier/AP

Australia’s financial services regulator was queried multiple times about a cryptocurrency exchange’s use of a financial services licence that does not cover cryptocurrency.

This week Guardian Australia reported that failed cryptocurrency exchange FTX obtained an Australian Financial Services Licence (AFSL) through the takeover of a company that already held the licence – and the Australian Securities and Investment Commission (Asic) did not conduct any checks to see if FTX was fit and proper to hold the licence.

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