They're not supposed to co-mingle client money and company money. They did that with no controls and used it for all sorts of things without the permission of t

They're not supposed to co-mingle client money and company money. They did that with no controls and used it for all sorts of things without the permission of their clients, who thought it was invested in very specific assets. They are an exchange letting people buy crypto assets. Not sure on the rules for banks but FTX was not a regulated bank!