As per a state filing in Texas, the FTX US is not registered as a money transmitter with the Texas Department of Banking, which has triggered the investigation being overseen by the director of Texas'' enforcement division. In addition, the platform is being investigated for his business practices as part of this investigation.
FTX has been accused of violating the Texas state''s financial and business regulations by allegedly offering yield-bearing savings accounts that are classified under the securities category in Texas, and the company''s US has not registered to offer or sell securities in the country.
Users may see gains or a portion of crypto staking rewards on deposits, according to FTX. The first $10,000 (roughly Rs. 8.20 lakh) was deposited, and the first $10,000 was up to 5 percent (roughly Rs. 82 crore).
Joseph Rotunda, the director of Texas'' Enforcement Division, is conducting the investigation.
I am aware that FTX Trading, along with FTX, might be offering unregistered securities in the form of yield-bearing accounts to residents of the United States. These items appear to be similar to Voyager Digital''s yield-bearing account, and the Enforcement Division is now investigating FTX Trading, FTX US, and their principals, including Sam Bankman-Fried, according to a Coinpage report.
In September, FTX US purchased Voyager''s assets for $1.422 billion (approximately Rs. 11,600 crore).
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On Wednesday, October 19, 2022, the asset purchase agreement between Voyager Digital LLC and FTX US will be approved by the United States Bankruptcy Court in the Southern District of New York.
For the time being, the Financial Times has promised to cooperate with the investigation. According to a Decrypt report, the crypto exchange has also claimed to be having in contact with Texan regulators.
We have an active application for a license which has been pending, and believe that we are operating fully within the scopes of what we can do in the interim. According to the FTX, we look forward to continuing working with Texas.