The regulator allegedly asked several financial firms to explain how they decided to become FTX clients.
The SEC reportedly asked some FTX investors whether they properly researched the cryptocurrency exchange before becoming its customers.
Recall that the platform, considered one of the giants in the space, collapsed in November, causing billions of dollars in losses and completely shaking the entire market.
According to Reuters, U.S. financial regulators sought information from multiple companies about their due diligence policies before investing in FTX.
The SEC’s investigation aims to determine investors’ motivations for choosing crypto platforms and whether they followed any strategies.
The inspections do not mean that the companies are targets of an investigation into FTX and its former CEO Sam Bankman-Fried (SBF).
However, it could be a sign that investment funds and venture capital firms with exposure to the exchange could become the subject of regulatory scrutiny despite being seen as victims of an alleged scam.
US authorities have previously asked FTX investors to provide information about their conversations with the company's bosses.
The demise of the trading venue is one of the darkest events in the history of cryptocurrency, with the organization, once valued at $32 billion, experiencing severe liquidity issues in November and failing to meet customer withdrawal requests.
It filed for bankruptcy protection, and its former CEO, SBF, was arrested and sent to Fox Hill Prison in the Bahamas.
Authorities later deported him back to the United States, where he was released on a record $250 million bail. He currently lives with his parents and is required to wear a monitoring device at all times.
He recently pleaded not guilty to charges that he intentionally defrauded investors of billions of dollars, and his trial date is set for October 2.