The Charity Commission has launched an inquiry into Effective Ventures Foundation
The Charity Commission has launched an inquiry into Effective Ventures Foundation following the bankruptcy of the US cryptocurrency exchange FTX. The charity reported this as a serious incident because FTX’s philanthropic foundation was a significant funder of the charity.
The trustees fulfilled their duties and responsibilities in submitting an RSI, and there is 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.
The inquiry will examine:
The trustees have been cooperating fully with the Commission.
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.
Reports of previous inquiries are available on GOV.UK.
Notes to Editors