The Securities Fee of the Bahamas has ordered crypto trade FTX to switch its cryptocurrencies to a pockets managed by way of the regulator. The “Pressing period in-between regulatory motion used to be vital to offer protection to the pursuits” of FTX’s purchasers and collectors, stated the regulator. Bahamas Regulator Takes Motion to Grasp FTX’s Cryptocurrencies for ‘Safekeeping’ The Securities Fee of […]

Bahamas Regulator Takes Action to Seize FTX’s Cryptocurrencies — Says It's 'Necessary to Protect the Interests of Clients and Creditors'

The Securities Fee of the Bahamas has ordered crypto trade FTX to switch its cryptocurrencies to a pockets managed by way of the regulator. The “Pressing period in-between regulatory motion used to be vital to offer protection to the pursuits” of FTX’s purchasers and collectors, stated the regulator.

Bahamas Regulator Takes Motion to Grasp 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 virtual belongings of FTX Virtual Markets Ltd. (FDM) to a virtual pockets managed by way of the Fee, for safekeeping.” FTX Virtual 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 “performing below the authority of an order made by way of the Ideal Courtroom of the Bahamas,” elaborating:

Pressing period in-between regulatory motion used to be vital to offer protection to the pursuits of purchasers and collectors of FDM.

The regulator additional detailed: “Beneath the Virtual Belongings and Registered Exchanges Act, 2020 (DARE Act), the Fee has the authority to use for a judicial order to offer protection to the pursuits of purchasers or consumers of a registrant of the Fee below the DARE Act.”

The announcement continues:

Over the approaching days and weeks, the Fee will have interaction with different regulators and government, in more than one jurisdictions, to deal with issues affecting the collectors, purchasers and stakeholders of FDM globally to acquire the most productive conceivable end result.

The Securities Fee of the Bahamas took motion to freeze the belongings of FTX Virtual Markets and comparable events on Nov. 10 as troubles on the crypto trade spread out.

The regulator additionally carried out to the Ideal Courtroom to nominate Brian Simms as a court-supervised provisional liquidator. As well as, Kevin Cambridge and Peter Greaves of Pricewaterhousecoopers (PwC) were authorized by way of the courtroom as joint provisional liquidators.

What do you take into consideration the Securities Fee of the Bahamas ordering FTX to switch virtual belongings to a pockets it controls for “safekeeping”? Tell us within the feedback segment underneath.



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