UK Regulator Has Launched An Investigation Into Charities Linked To FTX

Key Points:

• The UK regulator is investigating organizations linked to bankrupt crypto firm FTX.
• The investigation will look at the level of risk to the charity’s assets and the trustees’ management and operation of the charity.

The Charity Commission, the UK regulator responsible for overseeing registered charities, has opened an investigation into the Affair Ventures Foundation, a charity linked to FTX, in a recent announcement here said.

Accordingly, the charity reported this as a serious incident as FTX’s charity fund is an essential donor to the charity. The investigation was opened on December 19, 2022, under section 46 of the Charity Act 2011.

The regulator’s investigation will focus on the extent to which the charity’s assets are at risk and the time to which the trustee is complying with legal obligations, administration, and management of the trustee’s charity, including the charity’s relationships between the trustees and their donors, conflicts of interest, etc. In addition, the regulator may expand the scope of the investigation as appropriate.

The trustees have fulfilled their duties and responsibilities in submitting the RSI, and there is no indication that they have done wrong at this time.

However, there are indications of the potential risk to the charity’s assets. An investigation has been opened to establish the facts and help ensure trustees protect the charity’s support and run it according to their duties and responsibilities.

The Trustees have now fully cooperated with the Commission. The Commission may expand the scope of the investigation if additional legal issues arise.

After the conclusion of the investigation, a detailed report will be published on the issues examined, actions taken, and the results of the study.

The investigation into the collapse of the powerful crypto empire FTX at the end of 2022 is still being clarified. The leader and supposedly responsible for this collapse, Sam Bankman-Fried, is still trying to deny all fraud charges brought by US prosecutors.

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