Sam Bankman-Fried, the founder of the bankrupt cryptocurrency exchange FTX, was sentenced to 110 years in prison on charges of wire fraud and conspiracy to launder money. The sentence is one of the longest ever given for white-collar crimes.
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The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of FTX Australia Pty Ltd (FTX Australia). The cancellation comes after FTX Australia was placed into voluntary administration on 11 November 2022. ASIC suspended FTX Australia’s AFS licence on 14 November 2022, and the suspension was subsequently extended to 24 July 2023.
National Australia Bank (NAB) has announced that it will be blocking transfers to cryptocurrency exchanges, following in the footsteps of other Australian banks including Westpac and the Commonwealth Bank of Australia. The bank cited concerns about the risks associated with cryptocurrency trading, including volatility, fraud, and money laundering.
NAB’s decision is likely to have a significant impact on the Australian cryptocurrency market, making it more difficult for Australians to buy and sell cryptocurrencies. The bank is the largest in Australia by market capitalization, and its decision could push other banks to follow suit.
