FTX to reimburse securities regulator in Bahamas

FTX to reimburse securities regulator in Bahamas

The problems of the bankrupt cryptocurrency exchange FTX are increasing day by day. The most recent problem has been in the once-central Bahamas.

The Bahamas Supreme Court ruled in favor of the country’s Securities Commission on November 21, ordering the exchange to indemnify the regulator for holding digital assets in the Bahamas after filing for bankruptcy on November 11.

The Constitutional Court placed FTX’s digital assets under the supervision of the Securities Commission on November 12. The Commission recognized the decision and declared that all payments would be made after the approval of the Constitutional Court. The original announcement, seen by Cointelegraph, stated:

“Today’s Decision affirms that the Commission must be compensated in accordance with the law. FDM must ultimately recoup the Commission’s expenses in protecting assets for exchange customers and creditors.”

The digital asset custody services provided by the Bahamas Securities Commission to FTX have fueled many conspiracy theories, such as the commission being the one who hacked the FTX wallets. However, the hacker’s use of various money laundering methods to transfer the stolen funds eliminates the possibility that it was a government agency after the cyber attack.

With the bankruptcy of FTX, numerous deficits in its balance sheet emerged. The exchange currently owes a total of $3 billion to its 50 largest creditors. The total number of creditors may exceed 1 million.

Soruce : https://tr.cointelegraph.com/news/ftx-ordered-to-pay-reimbursement-fees-to-bahamian-regulators

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