Following the appointment of a volunteer administrator to assist approximately 30,000 Aussies and 132 Australian firms in recovering their cash from <a href="https://www.cryptoknowmics.com/news/sino-global-capital-speaks-out-about-ftx-exposure">FTX</a>, FTX Australia financial licence has been suspended by Australia's financial markets regulator. On November 16, the Australian Securities and Investments Commission (ASIC) <a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-316mr-asic-suspends-ftx-australia-s-afs-licence/" target="_blank" rel="nofollow noopener">released</a> the announcement, suspending the local company of FTX's AFS license until May 15, 2023.
<h2>FTX Australia AFS Licence Suspended</h2>
Prior to its termination, FTX Australia's AFS license allowed it to establish a marketplace for <a href="https://www.cryptoknowmics.com/news/australian-treasury-consults-public-on-bitcoin-foreign-currency-tax-relief">foreign currency</a> contracts and derivatives for wholesale and retail clients headquartered in Australia. Through FTX Australia, traders from Australia who registered to sell <a href="https://www.cryptoknowmics.com/news/abra-global-announces-plans-for-u-s-bank-supporting-digital-assets">digital assets</a> were connected.

However, until December 19, FTX Australia is only authorized to offer a few financial services focused on terminating current derivative contracts with its clients. On November 11, John Mouawad, Scott Langdon, and Rahul Goyal of Sydney-based investment and consultancy company KordaMentha were chosen as voluntary managers to offer restructuring assistance to Australian FTX and its affiliate FTX Express. The suspension occurs as a consequence.
<h2>KordaMentha to Restore Cash</h2>
According to a November 14 article in the Australian Financial Review (AFR), KordaMentha will try to recover the cash of roughly 30,000 Australian investors and 132 Australian businesses as a result of the disastrous FTX aftermath.

The report also stated that staff members of Australian FTX have been working with KordaMentha's administrators to find a solution. A little over eight months after it was founded on March 20 and after setting up a representative office in Sydney for its five workers, Australian FTX has suspended its customer-facing activities.

FTX Australia Licence Suspended, Leaving 30K Australians Stranded

FTX Australia financial licence has been suspended by Australia's financial markets regulator i.e., the Australian Securities and Investments Commission.

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FTX Australia Licence Suspended, Leaving 30K Australians Stranded

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