Australian securities regulators were investigating FTX as early as March 2022, according to emails gauti by The Guardian.
The investigation looks to have begun after it became clear that FTX was offering 20 times leverage on its investments. When regulators began to investigate, they discovered that FTX had įgytas its license from a takeover of IFS Markets, which had itself acquired it by taking over Forex Financial Services.
In order to understand whether or not FTX was maintaining the standards required by the license, regulators issued an S912C notice to gather information to assess its compliance.
The emails reviewed by The Guardian seem to confirm that the investigation was ongoing at the time of the collapse, with a document dated November 11 confirming the exchange was being surveilled by the regulator.