Sam Bankman-Fried and FTX Exchange Under Investigation by Texas Regulators
Source: AdobeStock / Stanislav Major crypto trading platform FTX.US and its founder Sam Bankman-Fried are being investigated by the securities regulator in Texas, USA, for selling an investment product that may have violated state law. The investigation concerns allegations that FTX offers US residents unregistered securities products through its yield-bearing service, per a filing by the Texas State Securities Board (TSSB) enforcement director Joseph Rotunda. Rotunda argued that the exchange&rsquo ;s accounts are similar to securities, and that the company should have registered with the state before offering the services to the customers. The filing itself was made to the bankruptcy court overseeing the potential sale of the bankrupt lender Voyager Digital 's assets, which FTX.US parent company FTX has been aiming to purchase. As previously reported, FTX emerged as the highest bidder to buy these assets. Rotunda wrote that, “I am aware that FTX Trading,...