VOT Research Desk
The California DFPI said it will launch an investigation into the apparent failureof FTX and stressed how seriously it takes this oversight.
On Nov. 10, the California Department of Financial Protection and Innovation (DFPI) declared that it will begin an inquiry into the apparent collapse of the cryptocurrency exchange FTX.
According to California authorities, the DFPI takes this supervisory duty extremely seriously and requires all organisations providing financial services in the state to abide by local financial rules.
Additionally, it urged everyone in the state who has been impacted by the continuing FTX controversy to contact a special hotline.
FTX asserts its U.S. branch is not involved in the occurrences, although the state of California is one of many governmental entities in the United States to lately speak out on the topic.
The creator of FTX, Sam Bankman-Fried, issued a 22-tweet thread in which he repeatedly reaffirmed that FTX US is a separate organisation from the foreign one experiencing difficulties.
However, FTX US subsequently on November 10 stated that it could stop trading on the platform soon. The U.S. website currently claims that withdrawals are available and will stay that way.
