UK’s Charity Commission announced inquiring into a charity called – Effective Ventures Foundation over its ties with FTX.

According to the official press release, the charity reported its association with FTX as a serious incident because the bankrupt cryptocurrency exchange was its “significant funder.”

The non-ministerial department asserted that trustees submitted an RSI and sufficiently performed their duties and responsibilities. While trustees have not been involved in any wrongdoing, the Charity Commission did point out indications of potential risks to the charity’s assets.

“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.”