Charity connected to collapsed crypto exchange FTX under investigation
The Charity Commission has launched an inquiry into a fundraising platform linked with the FTX cryptocurrency exchange.
An investigation into the Effective Ventures Foundation – formerly known as the ‘Centre for Effective Altruism’ – has been flagged as “a serious incident” after following disclosures that FTX’s philanthropic foundation was a significant funder of the charity.
The Charity Commission today said the trustees of Oxford-based fulfilled their duties and responsibilities in submitting an RSI, stressing there was no indication of wrongdoing by the trustees at this time.
“However, there are indications of potential risks to the charity’s assets, and the inquiry has been opened to establish facts and help ensure the trustees protect the charity’s assets and are running the charity in line with their duties and responsibilities,” a statement read.
The inquiry is set to examine:
- the extent of any risk to the charity’s assets and the extent to which the trustees are complying with their legal duties with regard to the protection of the charity’s property.
- the governance and administration of the charity by the trustees, including relationships between the charity’s trustees and its funders and the identification and management of conflicts of interest and / or loyalty.
“The trustees have been cooperating fully with the Commission,” the statement continued.
“The Commission may extend the scope of the inquiry if additional regulatory issues emerge. It is the Commission’s normal policy, after it has concluded an inquiry, to publish a report detailing the issues examined, the action undertaken, and the inquiry’s outcomes.”
The charity is registered at Trajan House, Mill Street, Oxford. First registered in 2012 as the Centre for Effective Altruism, it changed its name to the Effective Ventures Foundation in August last year.
Its filings show there are 29 employees, five trustees, and 25 volunteers.