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The Securities Fee of the Bahamas has ordered crypto change FTX to switch its cryptocurrencies to a pockets managed by the regulator. The “Pressing interim regulatory motion was needed to guard the pursuits” of FTX’s purchasers and collectors, stated the regulator.
Bahamas Regulator Takes Motion to Seize FTX’s Cryptocurrencies for ‘Safekeeping’
The Securities Fee of the Bahamas (SCB) introduced Thursday that it has taken “the motion of directing the switch of all digital belongings of FTX Digital Markets Ltd. (FDM) to a digital pockets managed by the Fee, for safekeeping.” FTX Digital Markets is the Bahamian subsidiary of Sam Bankman-Fried’s FTX Buying and selling Ltd., which owns and operates the crypto buying and selling platform FTX.com.
The securities regulator famous that the company is “appearing underneath the authority of an order made by the Supreme Court docket of the Bahamas,” elaborating:
Pressing interim regulatory motion was needed to guard the pursuits of purchasers and collectors of FDM.
The regulator additional detailed: “Below the Digital Belongings and Registered Exchanges Act, 2020 (DARE Act), the Fee has the authority to use for a judicial order to guard the pursuits of purchasers or clients of a registrant of the Fee underneath the DARE Act.”
The announcement continues:
Over the approaching days and weeks, the Fee will interact with different regulators and authorities, in a number of jurisdictions, to handle issues affecting the collectors, purchasers and stakeholders of FDM globally to acquire the very best consequence.
The Securities Fee of the Bahamas took motion to freeze the belongings of FTX Digital Markets and associated events on Nov. 10 as troubles on the crypto change unfolded.
The regulator additionally utilized to the Supreme Court docket to nominate Brian Simms as a court-supervised provisional liquidator. As well as, Kevin Cambridge and Peter Greaves of Pricewaterhousecoopers (PwC) have been permitted by the courtroom as joint provisional liquidators.
What do you consider the Securities Fee of the Bahamas ordering FTX to switch digital belongings to a pockets it controls for “safekeeping”? Tell us within the feedback part under.
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