The Securities Commission of Bahamas has frozen FTX Digital Markets’ assets, besides suspending its registration. FTX, a separate entity from FTX.US, is based in The Bahamas. The Commission has appointed Brian Sims, a Senior Partner at Lennox Paton, as a provisional liquidator of the assets. The regulating body shared a press release recently with these […]
The Securities Commission of Bahamas has frozen FTX Digital Markets’ assets, besides suspending its registration.
FTX, a separate entity from FTX.US, is based in The Bahamas. The Commission has appointed Brian Sims, a Senior Partner at Lennox Paton, as a provisional liquidator of the assets. The regulating body shared a“The Commission is aware of public statements suggesting that clients’ assets were mishandled, mismanaged and/or transferred to Alameda Research.
In addition to these federal agencies, California has become the first state to announce an investigation into the troubled cryptocurrency exchange. The Department of Financial Protection and Innovation , the financial regulatory body of the state, released aThough FTX’s rival Binance had expressed its interest to buy FTX, it later retracted. Binance
to inform that it had decided not to acquire FTX due to news reports regarding FTX mishandling customer funds and alleged U.S agency investigations.American lawmakers have also raised an alarm in regard to tighter regulation of the crypto-industry., “The recent collapse of FTX is a loud warning bell that cryptocurrencies can fail, and just like we saw with over-the-counter derivatives that led to a financial crisis, these failures can have a ripple effect on consumers and other parts of our financial system. The cryptocurrency market’s continued turmoil is why we must think carefully about how to regulate cryptocurrencies and their role in our economy.
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