FTX exchange is now under the watchful eyes of Turkey’s authorities, as revealed by the country’s finance minister on November 23. The bankrupt exchange, FTX, has been at the center of regulatory oversight from multiple countries after filing for bankruptcy on November 11.
The collapse of FTX created ripples in the cryptocurrency space that caused many interconnected companies and projects to face an issue. Millions of user and employee funds are now stuck on this exchange as it proceeds with bankruptcy filings.
The Turkish Treasury and Finance Minister Nureddin Nebati revealed on November 23 n investigation into Sam Bankman-Fried, the former CEO of FTX exchange. The authorities also announced that they had seized the assets of Bankman-Fried and other affiliates amid this investigation.
FTX exchange’s downfall has caused authorities worldwide to signal caution and highlight the risks involved in the cryptocurrency ecosystem. Nebati added that investors, retail, and institutions, should approach this space with “maximum caution.”
FTX is the third-largest cryptocurrency exchange by volume before its crash.