More scrutiny of Australian financial services licences needed, says parliamentary committee after collapse of FTX

Asic did not assess cryptocurrency trading company's fitness to hold a licence as it was obtained via transfer

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The collapse of cryptocurrency trading company FTX while it held an Australian financial services licence has led a parliamentary committee to recommend more scrutiny of the transfer of such licences, and an audit of current licence holders.

In a report released on Monday, the committee said FTX's ability to acquire what was a difficult and highly prized" licence raises significant concerns" about the regulation of the licences.

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