Sam Bankman-Fried is being investigated by the US Securities and Exchange Commission for potential violations of securities rules as the regulator deepens its probe into his crumbling FTX crypto empire, according to a person familiar with the matter.
Sam Bankman-Fried of FTX is being investigated by the US SEC for potential violations of securities rules
11/11/2022
FTX, the American platform FTX US, and Bankman-Fried’s trading house Alameda Research are already under investigation by the SEC, Bloomberg News reported Wednesday. The Justice Department is also looking into the situation.
The SEC is scrutinizing Bankman-Fried’s involvement in recent moves that helped push FTX.com, one of the world’s largest exchanges, into a liquidity crisis, said the person, who asked not to be named discussing the confidential inquiry. As the crisis deepened on Thursday, the securities regulator for the Bahamas, where FTX.com is based, said it was freezing the firm’s assets and appointing a provisional liquidator.
US regulators have been looking into whether FTX.com mishandled customer funds, and reviewing the global trading platform’s relationships with other Bankman-Fried’s businesses. The SEC’s scrutiny started months ago as a probe into the FTX US platform and its crypto-lending activities, but in recent days has expanded.
The initiation of probes doesn’t necessarily mean that anyone will be accused of wrongdoing, per Bloomberg.
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