The company was placed into voluntary administration on 11 November 2022 after its parent company, FTX Trading, and certain other affiliated companies, filed for Chapter 11 bankruptcy in the US. FTX Trading Limited became the ultimate holding company of FTX Australia on 23 September 2021.
In a statement issued on Wednesday, the corporate regulator said FTX Australia can continue to provide limited financial services that relate to the termination of existing derivatives with clients until 19 December 2022.
On 11 November 2022, John Mouawad, Scott Langdon and Rahul Goyal of KordaMentha were appointed as voluntary administrators of FTX Australia and its subsidiary FTX Express Pty Ltd, which operates a digital currency exchange that is not regulated by ASIC.
Prior to the suspension, FTX Australia’s licence permitted it to deal in, make a market for, and provide general advice relating to derivatives and foreign exchange contracts to retail and wholesale clients.
“ASIC is monitoring this situation closely and speaking regularly with international regulators and the external administrators,” the corporate regulator said.
“ASIC encourages clients of FTX Australia to carefully monitor the situation and look out for updates by the FTX Group, as well as from FTX Australia’s administrators on the KordaMentha website.”
