The Securities Fee of the Bahamas has ordered crypto trade FTX to switch its cryptocurrencies to a pockets managed by the regulator. The “Pressing interim regulatory motion was obligatory to guard the pursuits” of FTX’s shoppers and collectors, mentioned 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 beneath the authority of an order made by the Supreme Courtroom of the Bahamas,” elaborating:
Pressing interim regulatory motion was obligatory to guard the pursuits of shoppers and collectors of FDM.
The regulator additional detailed: “Beneath 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 shoppers or prospects of a registrant of the Fee beneath 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 deal with issues affecting the collectors, shoppers and stakeholders of FDM globally to acquire the absolute best end result.
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 trade unfolded.
The regulator additionally utilized to the Supreme Courtroom to nominate Brian Simms as a court-supervised provisional liquidator. As well as, Kevin Cambridge and Peter Greaves of Pricewaterhousecoopers (PwC) have been authorized by the courtroom as joint provisional liquidators.
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