Texas Securities Commission Investigates FTX US and Sam Bankman-Fried

Cryptocurrency exchange FTX and founder Sam Bankman-Fried are currently the subject of investigation by the Texas State Securities Commission, USA.

Specifically, the director of the Texas State Securities Commission, Joe Rotunda recently revealed that the law enforcement agency is reviewing documents about FTX Trading, FTX US and related individuals, including Mr. Sam Bankman-Fried.

Director Joe mentioned that FTX proposes to pay dividends to investors, in return users need to deposit cryptocurrency into this company. Before that, Texas and many other states also followed Voyager and companies providing similar services. Regulators, including the United States Securities and Exchange Commission (SEC), consider that the sale of unregistered Securities would be non-transparent, and investors may face risks. Therefore, the state of Texas is raising suspicion that FTX may have violated the relevant law. Currently, FTX has not given any feedback.

The victim of the crypto market crash of July, Voyager was one of the companies that pledged to pay investors a return, by requiring them to deposit cryptocurrency into the platform. In addition to Voyager, Celsius is also facing charges of selling securities that are not registered with the authorities.

Last month, FTX successfully auctioned Voyager’s assets after the company declared bankruptcy. Director Joe said the company is not authorized to buy or sell related assets until securities management determines the nature of the case.

Notably, in February this year, a company providing a similar service, BlockFi, agreed to pay a $100 million fine to the SEC. After the move to pay the above fine, BlockFi also registered the transaction with the SEC and pledged to change it if necessary.