Australia's securities regulator halts crypto exchange FTX's financial services license

Beleaguered cryptocurrency exchange FTX financial services license in Australia has been suspended by the country's securities regulator until May 15, 2023, according to a release dated Tuesday. FTX Australia can continue to offer "limited financial services that relate to the termination of existing derivatives with clients" until December 19, the Australian Securities and Investments Commission said in a statement. Before the suspension takes effect, "FTX Australia’s licence permitted it to deal in, make a market for and provide general advice relating to derivatives and foreign exchange contracts to retail and wholesale clients," the ASIC added. The move comes as Sam Bankman-Fried's crypto empire collapsed last week as traders rushed to withdrawal their funds en masse in the face of FTX's $8B balance sheet shortfall. Of note, the Cyprus Securities and Exchange Commission reportedly made plans to pause FTX.com's license, in a move that could prevent it from operating throughout Europe .