FTX Told Australia of Work on ‘Robust’ Security Before Collapse
- Company described itself as among ‘more sophisticated’
- Now-bankrupt exchange opposed move toward onshore custody
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FTX described its “robust” security practices and advocated against stricter safeguards on client assets in a letter to the Australian government a little more than five months before the cryptocurrency exchange collapsed.
Crypto firms shouldn’t be forced to keep clients assets locally or using a third-party firm, FTX wrote in a submission to the nation’s Treasury department dated May 29 that was recently made public.