TrendingU. S. News

Feds investigating whether FTX properly handled customers’ funds

Two top financial regulators in the United States are investigating whether or not the cryptocurrency exchange FTX properly handled customer funds and its connections with other sections of Sam Bankman-Fried’s crypto empire.

Both the Securities and Exchange Commission and the Commodity Futures Trading Commission are conducting an investigation into the connection between FTX US and Alameda Research, Bankman-Fried’s trading firm.

This comes out just one day after the cryptocurrency exchange Binance said it would buy FTX. A spokesperson for the CFTC refused to comment on the matter.

Wednesday marked the second consecutive day that cryptocurrency prices fell by a significant amount. Investors are still worried about the security of the cryptocurrency industry and the financial health of FTX, even though a bigger rival company, Binance, plans to work on a rescue deal.

Marco Harmon

I was born and raised in Roanoke, VA. I studied Communications Studies at Roanoke College, and I’ve been part of the news industry ever since. Visiting my favorite downtown Roanoke bars and restaurants with my friends is how I spend most of my free time when I'm not at the desk.

Related Articles

Comments are closed.

Back to top button