General

# UK regulator investigates charity linked to FTX

” UK regulator investigates charity linked to FTX “

The commission in charge of regulating registered charities in England and Wales has announced it had begun investigating Effective Ventures Foundation, an organization tied to bankrupt crypto exchange FTX.

In a Jan. 30 announcement, the Charity Commission said it had launched the inquiry due to FTX being a “significant funder” of Effective Ventures. According to the commission, Effective Ventures reported its ties to FTX as a “serious incident” potentially affecting other assets, opening the door for the regulator to investigate its trustees.

“There is no indication of wrongdoing by the trustees at this time,” said the commission. “However, there are indications of potential risks to the charity’s assets, and the inquiry has been opened to establish facts and help ensure the trustees protect the charity’s assets and are running the charity in line with their duties and responsibilities.”

The Charity Commission reported that the trustees were “cooperating fully” as part of the investigation, and it will release a report on its findings. The regulator opened the inquiry on Dec. 19 — after FTX had filed for Chapter 11 bankruptcy in the United States and former CEO Sam Bankman-Fried was arrested in the Bahamas.

Related: Sam Bankman-Fried seeks to access FTX funds

In the United States, charitable organizations that previously benefited from FTX funds have reportedly been targeted amid the exchange’s bankruptcy proceedings — the firm made millions of dollars in donations to various groups and causes. Many political campaigns have pledged to return funds tied to FTX or Bankman-Fried, but it’s unclear whether businesses and investors will be forced to legally ‘refund’ the exchange’s debtors.

If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.

For forums sites go to Forum.BuradaBiliyorum.Com

If you want to read more News articles, you can visit our General category.

Source

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close

Please allow ads on our site

Please consider supporting us by disabling your ad blocker!