ASIC has suspended the Australian financial services license of FTX Australia Pty Ltd (AFS license 323193) until 15 May 2023 after it was placed into voluntary administration on 11 November 2022.

Until 19 December 2022, FTX Australia can continue to provide limited financial services that relate to the termination of existing derivatives with clients.

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 ASIC does not regulate

On the same day, FTX Trading Limited, West Realm Shires Services Inc (trading as FTX US) and certain other affiliated companies commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code. FTX Trading Limited became the ultimate holding company of FTX Australia on 23 September 2021.

Prior to the suspension, FTX Australia’s license 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 monitors this situation closely and speaks regularly with international regulators and external administrators.

ASIC encourages clients of FTX Australia to monitor the situation carefully and look out for updates by the FTX Group, as well as from FTX Australia’s administrators on the KordaMentha website.

FTX Australia may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.