Securities Commission of The Bahamas: It will continue to investigate FTX’s liquidity crisis and any potential violations of Bahamian law

2022/11/24 09:42

The Securities Commission of The Bahamas (SCB) issues the statement. The statement said that pursuant to Bahamas law, on 10 November 2022, the Commission determined that the customers and creditors of FTX Digital Markets Ltd (FDM) were in need of the protection of the DARE Act, and suspended FDM’s license to conduct business and subsequently filed a petition before the Bahamian Supreme Court to place FDM into provisional liquidation. Given the nature of digital assets, and the risks associated with hacking and compromise, the Commission determined that placing FDM into liquidation was not sufficient to protect the customers and creditors of FDM. Accordingly, on 12 November 2022, the Commission sought an additional Order from the Supreme Court of The Bahamas for authority under the DARE Act to transfer all digital assets of FTX into digital wallets under the exclusive control of the Commission for the benefit of clients and creditors of FDM. The statement also said that the Commission will continue to evaluate the situation, continue to act in accordance with directions issued by the Supreme Court of The Bahamas, collaborate with other supervisory authorities and take such further actions as needed to preserve the assets of FDM and to safeguard the interests of customers and creditors of FDM. In addition, the Commission will continue to investigate the facts and circumstances regarding FTX’s liquidity crisis and any potential violations of Bahamian law.

2BearishLikeShare

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。