Close Menu
    Facebook X (Twitter) Instagram Pinterest YouTube LinkedIn TikTok
    TopBuzzMagazine.com
    Facebook X (Twitter) Instagram Pinterest YouTube LinkedIn TikTok
    • Home
    • Movies
    • Television
    • Music
    • Fashion
    • Books
    • Science
    • Technology
    • Cover Story
    • Contact
      • About
      • Amazon Disclaimer
      • Terms and Conditions
      • Privacy Policy
      • DMCA / Copyrights Disclaimer
    TopBuzzMagazine.com
    Home»Technology»FTX Crypto Exchange, Its CEO Face Securities Violations Probe in
    Technology

    FTX Crypto Exchange, Its CEO Face Securities Violations Probe in

    By AdminJune 14, 2023
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    FTX Crypto Exchange, Its CEO Face Securities Violations Probe in

    FTX crypto exchange and its CEO Sam Bankman-Fried are facing a probe in the US. As per a state filing in Texas, FTX US is not registered as a money transmitter with the Texas Department of Banking, which has triggered the probe being overseen by the director of Texas’ Enforcement Division. In addition, the platform is being probed for potentially providing unregistered securities in the form of yield-bearing accounts to US-based customers. Bankman-Fried is also being investigated for his business practices as part of this probe.

    FTX has been accused of violating the financial and business laws of the Texas state by allegedly offering yield-bearing savings accounts that are regulated under the securities category in Texas and FTX US has not registered to offer or sell securities in the state.

    FTX allows users to see profits —or a portion of crypto staking rewards —on deposits. These can go up to 8 percent annual percentage yield (APY) on the first $10,000 (roughly Rs. 8.20 lakh) deposited and up to 5 percent APY on amounts above $10,000 but less than $10 million (roughly Rs. 82 crore).

    The investigation is being overseen by Joseph Rotunda, the director of Texas’ Enforcement Division.

    “I am aware that FTX Trading, along with FTX, may be offering unregistered securities in the form of yield-bearing accounts to residents of the United States. These products appear similar to the yield-bearing depository accounts offered by Voyager Digital, and the Enforcement Division is now investigating FTX Trading, FTX US, and their principals, including Sam Bankman-Fried,” a Coinpage report quoted Rotunda as saying.

    In September, FTX US bought the assets of bankrupt crypto lender Voyager for approximately $1.422 billion (roughly Rs. 11,600 crore).

    The asset purchase agreement between Voyager Digital LLC and FTX US will be presented for approval to the United States Bankruptcy Court for the Southern District of New York on Wednesday, October 19, 2022.

    For now, FTX has promised to cooperate with the investigation. As per a Decrypt report, the crypto exchange has also claimed to have in communication with Texan regulators.

    “We have an active application for a license which has been pending, and believe we are operating fully within the bounds of what we can do in the interim. We look forward to continue working with Texas,” said the statement by FTX.

    Affiliate links may be automatically generated – see our ethics statement for details.

    Read The Full Article Here

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Threads Rolls Out DMs With Message Controls, Inbox Filters for Users Aged 18 and Above

    July 2, 2025

    The Best Hot Dog Cookers for All-American Hot Dogging (2025)

    July 1, 2025

    Amazon says it has deployed over 1M robots in its warehouses, its most ever and close to its human workforce, with 75% of global deliveries aided by robotics (Sebastian Herrera/Wall Street Journal)

    July 1, 2025

    Samsung Galaxy Z Fold 7 Could Drop a Key Design Feature of the Galaxy Z Fold 6

    June 30, 2025

    OpenAI Leadership Responds to Meta Offers: ‘Someone Has Broken Into Our Home’

    June 30, 2025

    MCP has promise beyond AI, and could serve as a "universal plugin system" that connects disparate data sources and tools together to enable new capabilities (Scott Werner/Works on My Machine)

    June 29, 2025
    popular posts

    Amnesia: The Bunker Announced, Takes Horror Series into Semi-Open World

    Metallica ‘Kick A– and Celebrate Life’ at Surprisingly Feel-Good U

    The Worst 2010s Movies, According to Letterboxd

    Days of Our Lives Spoilers During the Week of 11-13-23:

    Interview with Linnea Tanner, Author of Skull’s Vengeance

    6 Stunning New Literary Fiction Novels You Won’t Stop Thinking About |

    Days of Our Lives Spoilers During the Week of 2-05-24:

    Categories
    • Books (3,262)
    • Cover Story (3)
    • Events (18)
    • Fashion (2,430)
    • Interviews (43)
    • Movies (2,561)
    • Music (2,839)
    • News (155)
    • Science (4,411)
    • Technology (2,554)
    • Television (3,283)
    • Uncategorized (932)
    Archives
    Facebook X (Twitter) Instagram Pinterest YouTube Reddit TikTok
    © 2025 Top Buzz Magazine. All rights reserved. All articles, images, product names, logos, and brands are property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Terms of Use and Privacy Policy.

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
    Do not sell my personal information.
    Cookie SettingsAccept
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT