{"id":18888,"date":"2023-01-30T07:45:54","date_gmt":"2023-01-30T15:45:54","guid":{"rendered":"https:\/\/coinnetworknews.com\/uk-regulator-investigates-charity-linked-to-ftx\/"},"modified":"2023-01-30T07:45:54","modified_gmt":"2023-01-30T15:45:54","slug":"uk-regulator-investigates-charity-linked-to-ftx","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/uk-regulator-investigates-charity-linked-to-ftx\/","title":{"rendered":"UK regulator investigates charity linked to FTX"},"content":{"rendered":"

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The commission in charge of regulating registered charities in England and Wales has announced it had begun investigating Effective Ventures Foundation, an organization tied to bankrupt crypto exchange FTX.<\/p>\n

In a Jan. 30 announcement, the Charity Commission said<\/a> it had launched the inquiry due to FTX being a \u201csignificant funder\u201d of Effective Ventures. According to the commission, Effective Ventures reported its ties to FTX as a \u201cserious incident\u201d potentially affecting other assets, opening the door for the regulator to investigate its trustees.<\/p>\n

\u201cThere is no indication of wrongdoing by the trustees at this time,\u201d said the commission. \u201cHowever, there are indications of potential risks to the charity\u2019s assets, and the inquiry has been opened to establish facts and help ensure the trustees protect the charity\u2019s assets and are running the charity in line with their duties and responsibilities.\u201d<\/p>\n

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We\u2019ve opened an inquiry into Effective Ventures Foundation following the bankruptcy of a significant funder. <\/p>\n

Read more: https:\/\/t.co\/zjH1TdysYf<\/a> pic.twitter.com\/Qda9I0YwVP<\/a><\/p>\n

\u2014 Charity Commission (@ChtyCommission) January 30, 2023<\/a><\/p><\/blockquote>\n

The Charity Commission reported that the trustees were \u201ccooperating fully\u201d as part of the investigation, and it will release a report on its findings. The regulator opened the inquiry on Dec. 19 \u2014 after FTX had filed for Chapter 11 bankruptcy<\/a> in the United States and former CEO Sam Bankman-Fried was arrested in the Bahamas. <\/p>\n

Related: <\/em><\/strong>Sam Bankman-Fried seeks to access FTX funds<\/em><\/strong><\/a><\/p>\n

In the United States, charitable organizations that previously benefited from FTX funds<\/a> have reportedly been targeted amid the exchange\u2019s bankruptcy proceedings \u2014 the firm made millions of dollars in donations to various groups and causes. Many political campaigns have pledged to return funds<\/a> tied to FTX or Bankman-Fried, but it\u2019s unclear whether businesses and investors will be forced to legally \u2018refund\u2019 the exchange\u2019s debtors.<\/p>\n