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News

California Regulator Published FTX Consumer Alert

November 11, 2022 - Around 1 mins mins to read
Following the news that the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) are allegedly looking into FTX, California’s Department of Financial Protection Investigates (DFPI) has released a consumer alert on the exchange.
California Regulator Published FTX Consumer Alert

According to California’s DFPI, the state’s lending and banking regulations are the regulator’s responsibility. The DFPI agency also emphasizes that providers of cryptoassets are not the same as California-regulated financial institutions. The consumer advisory mentions:

“Crypto asset providers are not managed by the same rules and protections as banks and credit unions, which are required to have deposit insurance.”

The revelation comes after FTX nearly reached the top of the market before falling to the bottom in only three days.

According to the latest update, FTX CEO Sam Bankman-Fried has announced filing for Chapter 11 bankruptcy of FTX, FTX US, and Alameda.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

California

DFPI

DOJ

FTX

SEC

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

California Regulator Published FTX Consumer Alert

Following the news that the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) are allegedly looking into FTX, California’s Department of Financial Protection Investigates (DFPI) has released a consumer alert on the exchange.
California Regulator Published FTX Consumer Alert

According to California’s DFPI, the state’s lending and banking regulations are the regulator’s responsibility. The DFPI agency also emphasizes that providers of cryptoassets are not the same as California-regulated financial institutions. The consumer advisory mentions:

“Crypto asset providers are not managed by the same rules and protections as banks and credit unions, which are required to have deposit insurance.”

The revelation comes after FTX nearly reached the top of the market before falling to the bottom in only three days.

According to the latest update, FTX CEO Sam Bankman-Fried has announced filing for Chapter 11 bankruptcy of FTX, FTX US, and Alameda.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News