Track FTX developments, bankruptcy news, legal proceedings, asset recovery efforts, executive updates, and market impact.
The bill prohibits co-mingling of customers' fund and establishes a framework for mandatory proof of reserves.
The KYC failures may reportedly lead to the disqualification of nearly $2.5 billion in creditor claims by FTX.
This development comes as FTX is about to begin the second phase of its payouts by May 30.
FTX was a centralized cryptocurrency exchange that played a prominent role in global digital asset markets before its collapse in 2022.
