1 year ago
The Securities Commission of the Bahamas has ordered crypto speech FTX to transportation its cryptocurrencies to a wallet controlled by the regulator. The “Urgent interim regulatory enactment was indispensable to support the interests” of FTX’s clients and creditors, said the regulator.
Bahamas Regulator Takes Action to Seize FTX’s Cryptocurrencies for ‘Safekeeping’
The Securities Commission of the Bahamas (SCB) announced Thursday that it has taken “the enactment of directing the transportation of each integer assets of FTX Digital Markets Ltd. (FDM) to a integer wallet controlled by the Commission, for safekeeping.” FTX Digital Markets is the Bahamian subsidiary of Sam Bankman-Fried’s FTX Trading Ltd., which owns and operates the crypto trading level FTX.com.
The securities regulator noted that the bureau is “acting nether the authorization of an bid made by the Supreme Court of the Bahamas,” elaborating:
Urgent interim regulatory enactment was indispensable to support the interests of clients and creditors of FDM.
The regulator further detailed: “Under the Digital Assets and Registered Exchanges Act, 2020 (DARE Act), the Commission has the authorization to use for a judicial bid to support the interests of clients oregon customers of a registrant of the Commission nether the DARE Act.”
The announcement continues:
Over the coming days and weeks, the Commission volition prosecute with different regulators and authorities, successful aggregate jurisdictions, to code matters affecting the creditors, clients and stakeholders of FDM globally to get the champion imaginable outcome.
The Securities Commission of the Bahamas took enactment to freeze the assets of FTX Digital Markets and related parties connected Nov. 10 arsenic troubles astatine the crypto speech unfolded.
The regulator besides applied to the Supreme Court to name Brian Simms arsenic a court-supervised provisional liquidator. In addition, Kevin Cambridge and Peter Greaves of Pricewaterhousecoopers (PwC) person been approved by the tribunal arsenic associated provisional liquidators.
What bash you deliberation astir the Securities Commission of the Bahamas ordering FTX to transportation integer assets to a wallet it controls for “safekeeping”? Let america cognize successful the comments conception below.
Kevin Helms
A pupil of Austrian Economics, Kevin recovered Bitcoin successful 2011 and has been an evangelist ever since. His interests prevarication successful Bitcoin security, open-source systems, web effects and the intersection betwixt economics and cryptography.
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