The Securities Fee of the Bahamas has ordered crypto trade FTX to transfer its cryptocurrencies to a wallet controlled by the regulator. The “Urgent interim regulatory motion was vital to safeguard the interests” of FTX’s clients and collectors, stated the regulator.
Bahamas Regulator Takes Action to Seize FTX’s Cryptocurrencies for ‘Safekeeping’
The Securities Commission of the Bahamas (SCB) declared Thursday that it has taken “the action of directing the transfer of all digital assets of FTX Digital Marketplaces Ltd. (FDM) to a electronic wallet controlled by the Fee, for safekeeping.” FTX Electronic Marketplaces is the Bahamian subsidiary of Sam Bankman-Fried’s FTX Trading Ltd., which owns and operates the crypto buying and selling platform FTX.com.
The securities regulator noted that the agency is “acting below the authority of an purchase produced by the Supreme Courtroom of the Bahamas,” elaborating:
Urgent interim regulatory action was required to shield the pursuits of customers and creditors of FDM.
The regulator even more thorough: “Under the Electronic Belongings and Registered Exchanges Act, 2020 (DARE Act), the Commission has the authority to use for a judicial purchase to secure the pursuits of customers or customers of a registrant of the Fee underneath the DARE Act.”
The announcement continues:
Above the coming times and weeks, the Commission will have interaction with other regulators and authorities, in many jurisdictions, to deal with matters influencing the creditors, customers and stakeholders of FDM globally to receive the most effective achievable end result.
The Securities Fee of the Bahamas took action to freeze the assets of FTX Digital Markets and related get-togethers on Nov. 10 as difficulties at the crypto exchange unfolded.
The regulator also utilized to the Supreme Court docket to appoint Brian Simms as a court docket-supervised provisional liquidator. In addition, Kevin Cambridge and Peter Greaves of Pricewaterhousecoopers (PwC) have been accepted by the courtroom as joint provisional liquidators.
What do you feel about the Securities Commission of the Bahamas purchasing FTX to transfer digital assets to a wallet it controls for “safekeeping”? Enable us know in the comments segment below.
Kevin Helms
A student of Austrian Economics, Kevin identified Bitcoin (
$104,615.00 ) in 2011 and has been an evangelist at any time due to the fact. His passions lie in Bitcoin ( $104,615.00 ) stability, open up-resource units, network results and the intersection between economics and cryptography.
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