The Bahamas Regulator Justifies Move to Cease Local FTX Clients' Assets

Finance Magnates
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5 a.m. Thursday, November 24th, 2022. The Bahamas regulator justifies moved to cease local FTX clients assets. LTP GT the securities commission of The Bahamas on Wednesday released a statement justifying its move to cease the customer assets of the local Tahrir dot finance magnates dot com tag target quad blanquet F diesel tag density. FTX digital markets LTD FDM. It came after several questions were raised against the action of the bahamian regulator Donald cloaked quite it is unfortunate that in chapter 11 filings, the new CEO of FTX trading limited misrepresented this timely action through the intemperate and inaccurate allegations lodged in the transfer motion, quote the regulator stated dot clipped quad is also concerning that the chapter 11 debtors chose to rely on the statements of individuals they have in other filings characterized as unreliable sources of. Information and potentially apo seriously compromise depots qualified The Bahamas financial market watchdog gained a court order on November 12th to make the collapsed cryptocurrency exchange the dot finance magnates dot com cryptocurrency Bahamas regulators to transfer cryptos to government while it's quote target quote Blanco transfer local customer sapo's digital assets. To government controlled wallets will tag for a Pacific keeping a pose dobble cooked quite given the nature of digital assets and the. Risks associated with hacking and compromise, the commission determined that placing FDM into liquidation was not sufficient to protect the customers and creditors of FDM, quote the regulator added LTP GTL TPG GT further. The cyberattack on FTX, resulting in the theft of at least 1 billion in cryptocurrencies, justified the regulators moved LTP GTL tp GT the column cell TX, valued at 34 billion in the last funding round, collapsed earlier this month. Several misdeeds of its founder and the former CEO, Sam bankman fried surfaced over the weeks he reportedly used client deposits. He created a complex loan structure with sister entities backed by the native exchange token, FTT LTP GT LTP GTF tx dot com, FTX U.S., Alameda research in over 130 other affiliates filed for chapter 11 bankruptcy proceedings in Delaware. In addition, the bahamian entity dot finance magnates dot com cryptocurrency files for bankruptcy ascio bankman for Dresden's quote target quote blank hot filed for bankruptcy tagged, but chapter 15 protection in a New York court. The liquidators of FTX have now agreed to move the proceedings of FT past Bahamas entity to Delaware Donald cooked quite the commission will continue to evaluate the situation, continue to act in accordance with directions issued by the Supreme Court of The Bahamas, collaborate with other supervisory authorities, and take such further actions as needed to preserve the assets of FDM and to safeguard the interests of customers and creditors of FDM, quote the securities commission of The Bahamas. Added quite an addition, the commission will continue to investigate the facts and circumstances regarding 50s past liquidity crisis and any potential violations of bahamian law and hold any responsible companies and individuals accountable. In cooperation with other regulatory agencies and law enforcement both in The Bahamas and in other affected countries in connection with their own investigations on top of that, the scale and impact of the collapse of FTX prompted. Other global regulators to clarify their situation. The monetary authority of Singapore recently clarified that la reco dot finance magnates dot com cryptocurrency Singapore's masks not less sensitive protection off local as their simpo sub quat target quack Blanco FTX is not regulated under its jurisdictional tagged, and thus the protection of its local clients is impossible LTP GT. This article was written by WWW dot finance magnates dot com.

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