Australia’s financial regulator apparently raised issues over FTX’s regional Australian subsidiary as long as 8 months before the exchange fulfilled its unfortunate end in November.According to documents acquired by Guardian Australia, the Australian Securities and Investments Commission (ASIC) was concerned about the manner in which FTX Australia was operating after it was able to acquire a license in the nation through a business takeover.

According to a previous report from Pandoraland, FTX acquired its Australian monetary services license (AFSL) by taking control of financial institution IFS Markets in December 2021, before opening for service a few months later in March.

This is allowed FTX Australia to successfully sidestep the same level of scrutiny that is typically applied to new AFSL licensees, according to its ASIC Chairman Joe Longo.

According to the freshly acquired files, the regulator provided a Section 912C notice to FTX the very same month it began operating, needing the crypto exchange to supply details about its operations for ASIC to evaluate if it satisfied AFSL license conditions.

With the notice, ASIC can direct the licensee to supply documents specifying what monetary services it offers and the financial services organization it continues, to identify if the licensee pleases the “fit and proper individual test.”

A briefing document acquired by the Guardian also confirmed that in the months between ASIC’s initial concerns and FTX collapsing on Nov. 11, the regulator put the exchange under “monitoring activity” and provided a total of three notifications to it.

The document schedule also exposes that the regulator was still worried about FTX’s operations as late as October.

Pandoraland reached out to ASIC for a comment however did not get a response before publication.

Related: ASIC fires market warning shot as it takes legal action against BPS Financial over crypto promotion

FTX Australia was among more than 130 FTX-linked business that halted operations after its parent company FTX entered into personal bankruptcy procedures on Nov. 11,.

The Australian subsidiary of FTX had its financial license suspended on Nov. 16and has actually entered into voluntary administration, which resembles a Chapter 11 personal bankruptcy in the United States.It’s estimated

around 30,000 Australian customers and 132 companies are owed cash or crypto from the exchange.