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Turkey’s financial authority investigates FTX’s collapse

Turkey’s financial authority investigates FTX’s collapse

Turkey’s Financial Crimes Investigation Board is the latest to announce investigations into cryptocurrency exchange FTX following its collapse and filing for bankruptcy on November 11. Along with FTX, the agency will investigate people and institutions associated with the platform, including banks, e-money institutions and crypto-asset providers, according to an official statement on November 14. The regulator also found that it monitored FTX’s activities by the country’s Anti-Money Laundering Laws.

FTX Turkey, FTX’s regional subsidiary, provided a Google form for users who wish to receive their money without specifying a delivery date. A note on its website and Twitter account asked users to share their international bank account numbers to proceed. The refund processes.

Turkey is one of the most relevant emerging markets for the crypto industry, with nearly 8 million people engaged in crypto in the country, according to figures from local crypto exchange Paribus. About 130 companies in the FTX group, including FTX Trading, FTX US under West Realm Shires Services and Alameda Research, filed for bankruptcy on November 11 in the United States after the stock market collapsed dramatically in the previous days.

In addition to Turkey, the United States and the Bahamas also announced investigations into the bankrupt crypto exchange last week. The Securities Exchange Commission and the Department of Justice are investigating the matter in the US. The Manhattan office in New York also began investigating the circumstances leading to the stock exchange’s demise.

The California Department of Financial Innovation and Protection also announced its “apparent failure” investigation. In the Bahamas, financial investigators and securities regulators are investigating possible criminal behaviour.

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