The Australian Securities and Investments Commission (ASIC) has cancelled the financial services license of the local division of crypto exchange FTX.
The order came into effect last July 14. From now on, the platform has one year to pay its debts and terminate its relationship with users.
FTX Australia offered its services to around 30,000 retail customers and 132 local businesses.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
The cryptocurrency exchange opened a branch in Australia in March last year. Days after filing for bankruptcy in November, the ASIC suspended the platform's license that allowed it to offer derivatives and foreign exchange contracts.
The agency has also appointed John Muawad, Scott Langdon and Rahul Goyal of KordaMentha as voluntary administrators to lead the restructuring of FTX Australia and subsidiary FTX Express.
According to local media, ASIC was concerned about the operations of the exchange's branch and had been watching it closely long before the crash.