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FTX Faces US Justice Department Probe: Report
FTX already faced other state and federal investigations.
The U.S. Department of Justice is looking into crypto exchange FTX after its apparent collapse, the Wall Street Journal reported Wednesday.
FTX was already facing probes from state and federal regulators, but these investigations have taken on a new interest following revelations that the company had a liquidity issue. Fellow crypto exchange Binance briefly agreed to acquire the company, but walked away from the deal on Wednesday. Shortly thereafter, Bankman-Fried reportedly told investors that FTX needed $8 billion to continue operating or would risk having to file for bankruptcy protection.
STORY CONTINUES BELOW
State regulators were previously looking into FTX and whether it allowed U.S. customers to trade derivatives products without either FTX or FTX.US, its U.S. entity, registering with federal regulators.
The U.S. Securities and Exchange Commission and Commodity Futures Trading Commission are also investigating whether FTX had correctly handled its clients' funds, Bloomberg reported earlier Wednesday.
Binance announced Tuesday it would acquire FTX, but said Wednesday that it would not, citing concerns about FTX's books, which is an issue investigators may look into.
"The issues are beyond our control or ability to help," Binance said in a statement Wednesday. The statement also cited news reports about "mishandled customer funds and alleged US agency investigations" as reasons for pulling out of the deal.
Sam Bankman-Fried, FTX's founder and CEO, had also previously tweeted that his company "is fine," as were its assets. The assertion was undercut a day later when Bankman-Fried and Binance CEO Changpeng Zhao announced Binance had signed a non-binding letter of intent to acquire the company.
A Justice Department spokesperson declined to comment.
Nikhilesh De
Nikhilesh De is CoinDesk's managing editor for global policy and regulation, covering regulators, lawmakers and institutions. He owns < $50 in BTC and < $20 in ETH. He won a Gerald Loeb award in the beat reporting category as part of CoinDesk's blockbuster FTX coverage in 2023, and was named the Association of Cryptocurrency Journalists and Researchers' Journalist of the Year in 2020.
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- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
