Australian Securities & Investments Commission
FTX Australia’s license suspended as 30K Aussies left in the lurch
Australia’s financial markets regulator has suspended FTX Australia’s financial license following the appointment of a voluntary administrator to help nearly 30,000 Australians and 132 Australian companies get their funds back from FTX. The announcement was made by the Australian Securities and Investments Commission (ASIC) on Nov. 16 local time, which suspended the Australian Financial Services (AFS) license of FTX’s local entity until May 15, 2023. Before its suspension, FTX Australia’s AFS license permitted it to create a market for derivatives and foreign exchange contracts to Australian-based retail and wholesale clients. Australian traders who signed up to trade digital assets were routed through FTX Australia. FTX Australia has however, been permitted to provide limited financial se...
Aussie asset manager to offer crypto ETF using unique license variation
Australian asset manager Monochrome Asset Management has landed the country’s first Australian financial services license (AFSL) for a spot crypto exchange-traded fund (ETF). Speaking to Cointelegraph, Jeff Yew, CEO of Monochrome Asset Management, said the AFSL approval is significant, as until this point, approved crypto ETFs in Australia only operate under general financial asset authorization and only indirectly hold crypto-assets. Yew noted that Monochrome’s crypto ETFs, on the other hand, will directly hold the underlying crypto-assets and is specifically authorized by the Australian Securities & Investments Commission (ASIC) to do so. The Monochrome executive said the approval represents a significant step forward for both the advice industry and retail investors: “We see c...
