Senator raises concerns over lack of checks for crypto businesses seeking financial services licences

This week Guardian Australia reported that failed cryptocurrency exchange FTX obtained an Australian Financial Services Licence (AFSL) through the takeover of a company that already held the licence – and the Australian Securities and Investment Commission (Asic) did not conduct any checks to see if FTX was fit and proper to hold the licence.

Another major cryptocurrency platform in Australia, Crypto.com presents itself as one of the most regulated crypto exchanges in the world, and is currently a major sponsor for the AFL. In 2020, Crypto.com announced it was able to obtain an AFSL through the takeover of The Card Group.

Read more at The Guardian