Bahamas regulator freezes assets belonging to embattled FTX Crypto Exchange

Amid the problems plaguing the crypto exchange FTX, the Securities and Exchange Commission of The Bahamas (SCB) has frozen the company’s assets.

The regulator in the Bahamas also obtained the court to appoint a temporary liquidator for FTX.

  • in press release The commission, reported by Nassau Guardian via Twitter on Thursday (November 10, 2022), revealed the assets of FTX Digital Markets (FDM) and “related parties” were frozen.
  • Back in September 2021, FTX CEO Sam Bankman-Fried most dangerous The headquarters of the company will be in the Bahamas.
  • Excerpt from the ad:

“The Committee is aware of public statements indicating misuse, mismanagement and/or transfer of client assets to Alameda Research. Based on the Committee’s information, any such actions would have been inconsistent with normal governance, without client consent and potentially illegal “.

  • The Bahamas regulatory watchdog has also sought to appoint a temporary liquidator for FTX from the nation’s highest court, with attorney Brian Sims, appointed by the court.
  • Thereafter, the assets of the Exchange cannot be assigned or transferred without the written consent of the temporary liquidator.
  • According to the press release, the recent string of unfortunate events related to the crypto exchange has prompted the agency to take a “cautious reason to act” by placing the embattled company “into a temporary liquidation to preserve the assets and stability of the company.”
  • In addition to the asset freeze, the commission has also suspended the FTX registration process.
  • The latest development comes as FTX grapples with a liquidity crunch. As I recently mentioned before encrypted potatoCEO Sam Bankman-Fried issued an official apology and promised to “correct it to users”.
  • Bankman-Fried also revealed that he is in discussions with some industry players after major rival Binance withdrew from its takeover deal.

The Bahamas regulator after the assets of the embattled FTX crypto exchange were frozen for the first time on CryptoPotato.

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