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The Australian Securities and Investments Commission (ASIC) chair Joseph Longo, demonstrated the need to seal regulatory loopholes exploited by the embattled FTX to The Australian Securities and Investments Commission (ASIC) has admitted that a regulatory loophole exists which allowed collapsed crypto exchange FTX to side-step applying for According to reports, the now-defunct crypto exchange FTX acquired its Australian license via a regulatory loophole. The Australian Securities and Investments ChainCatcher reported that according to Cointelegraph, Joseph Longo, chairman of the Australian Securities and Investments Commission (ASIC), called for closing a regulatory loophole during Australian Securities and Investments Commission (ASIC) Chairman Joseph Longo said the FTX exchange received a license in the country without inspection, using a Joseph Longo, the chairman of the Australian Securities and Investments Commission (ASIC), is calling for a regulatory loophole to be closed that allowed FTX to

FTX's Australian License: How a Loophole Bypassed ASIC Oversight

The collapse of FTX sent shockwaves through the crypto world, and its acquisition of an Australian Financial Services Licence (AFSL) has come under intense scrutiny. Specifically, how did FTX manage to secure this license without facing proper scrutiny from the Australian Securities and Investments Commission (ASIC)?

According to reports, the now-defunct crypto exchange FTX acquired its Australian license via a regulatory loophole. This loophole allowed FTX to side-step applying for a license directly, raising serious questions about regulatory oversight at the time. The Australian Securities and Investments Commission (ASIC) has since admitted that a regulatory loophole exists.

ASIC Chair Joseph Longo Calls for Reform

The Australian Securities and Investments Commission (ASIC) chair, Joseph Longo, has addressed the issue directly. ChainCatcher reported that, according to Cointelegraph, Joseph Longo, chairman of the Australian Securities and Investments Commission (ASIC), called for closing a regulatory loophole during Australian Securities and Investments Commission (ASIC) Chairman Joseph Longo said the FTX exchange received a license in the country without inspection, using a method that clearly bypassed standard protocols.

Joseph Longo, the chairman of the Australian Securities and Investments Commission (ASIC), is calling for a regulatory loophole to be closed that allowed FTX to acquire its license. Joseph Longo, demonstrated the need to seal regulatory loopholes exploited by the embattled FTX to prevent similar situations in the future. The focus now is on strengthening regulations to protect Australian investors and ensure proper due diligence is conducted before granting licenses.

The Future of Crypto Regulation in Australia

The FTX situation has highlighted the urgent need for regulatory reform in the Australian crypto market. Closing the loophole that allowed FTX to obtain its license is a crucial first step. Stricter due diligence processes and ongoing monitoring are essential to prevent future collapses and protect Australian consumers from fraudulent or poorly managed crypto entities. The implications of this loophole extend beyond FTX and underscore the need for a comprehensive review of Australia's regulatory framework for digital assets.

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