Piles of bitcoin in front of the FTX logo and a decreasing stock graph

FTX Australia license suspended by ASIC, Wall Street soars

Corporate regulators have suspended the financial services license of the Australian arm of collapsed cryptocurrency exchange FTX, and US stocks have risen on signs corporate inflation is slowing.

FTX Australia and FX Express brought in KordaMentha as administrators on Friday after parent company FTX filed for bankruptcy protection in the US, causing chaos in the crypto markets.

The companies operate a digital currency exchange that is not regulated by the Australian Securities and Investments Commission.

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