Australian Regulator Cancels FTX Australia’s Financial License

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The financial license of FTX Australia, the bankrupt crypto exchange’s local subsidiary, has been withdrawn by ASIC, the Australian financial services regulator. With around 30,000 retail clients and 132 local companies served, FTX faced financial troubles leading to its November bankruptcy filing. Administrators from KordaMentha were appointed to restructure FTX Australia and its subordinate, revealing an estimated misappropriation of $8.7 billion in customer assets. FTX is currently engaged in discussions with potential backers to facilitate a potential relaunch of the exchange.