Regulatory Alerts2023-12-29
Added · Updated
Order Revoking Money Transmission License, Cease and Desist, and Imposing Civil Penalty on FTX US
The Banking Commissioner of Connecticut revokes the money transmission license of West Realm Shires Services Inc. d/b/a FTX US due to its failure to transmit monetary value received from purchasers and its failure to maintain the required surety bond. The order also mandates that FTX US cease and desist from engaging in unsafe or unsound practices within the state. Additionally, a civil penalty of $1,000,000 is imposed on the respondent, which must be remitted to the State of Connecticut within thirty days of the order's mailing. This order became effective upon being mailed on December 21, 2023.
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