FTX Was Investigated For Months Before Its Collapse

Before FTX sought bankruptcy protection, the U.S. Attorney’s Office for the Southern District of New York was looking into the cryptocurrency exchange, according to Bloomberg.

According to Bloomberg, which cited unidentified sources, prosecutors were especially investigating whether the Bank Secrecy Act had been followed. The investigation focused on cryptocurrency exchanges with American and foreign subsidiaries, including Sam Bankman-Fried‘s Bahamas-based company, which also ran FTX US.

As Coincu reported, the Securities and Exchange Commission, Commodity Futures Trading Commission, and Department of Justice is currently conducting additional investigations into FTX.

FTX is currently also being noticed by the US authorities because of its influence on the crypto market. Even the Biden administration is eager to push this market legislation to mitigate post-event risks.

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Harold

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