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

Andrew Bragg says businesses promote themselves as regulated – despite there being no regulation of cryptocurrency in Australia

Australia’s financial services regulator was queried multiple times about a cryptocurrency exchange’s use of a financial services licence that does not cover cryptocurrency.

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.

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