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Friday, March 31, 2023

A UK regulator is investigating a charity linked to FTX

The commission tasked with regulating registered charities in England and Wales has announced that it has launched an investigation into Effective Ventures Foundation, an organization linked to failed cryptocurrency exchange FTX.

In the announcement of 30 January, The Charity Commission said it had launched an investigation because FTX was a “significant funder” of Effective Ventures., According to the commission, Effective Ventures reported its relationship with FTX as a “serious incident” that could impact other assets, opening the door for the regulator to investigate its custodians.

“At present there is no indication that the conservators have done anything wrong,” the commission said. “However, there are indications of potential risks to the charity’s assets, and an investigation has been launched to help establish the facts and ensure that the trustees safeguard the charity’s assets and in accordance with their duties and responsibilities.” manage it”.

We have initiated an investigation into Effective Business Foundation following the bankruptcy of a major funder.

The Charity Commission reported that the trustees were “co-operating fully” with the investigation, and would publish a report on its findings. The regulator launched the investigation on December 19 after FTX filed for Chapter 11 bankruptcy in the United States and former CEO Sam Bankman-Fried was arrested in the Bahamas.

in the United States, Charities that previously benefited from the FTX Fund, which donated millions of dollars to various groups and causes, have been affected by the bankruptcy proceedings of the exchange. Several political campaigns have promised to return funds linked to FTX or Bankman-Fried, but it is unclear whether companies and investors will be legally forced to “repay” the exchange’s debtors.

the explanation: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be construed as financial advice or investment recommendation. All investments and commercial dealings involve risk and it is the responsibility of each individual to conduct appropriate research before making any investment decision.

Investing in crypto assets is not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed at or accessible to investors in Spain.

World Nation News Desk
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