Fun

Bahamas Regulator Takes Action to Seize FTX’s Cryptocurrencies to ‘Protect’ Clients and Creditors

News Feed - 2022-11-19 10:11:17

Bahamas Regulator Takes Action to Seize FTX"s Cryptocurrencies to "Protect" Clients and Creditors


The Securities Commission of the Bahamas has ordered crypto exchange FTX to transfer its cryptocurrencies to a wallet controlled by the regulator. The “Urgent interim regulatory action was necessary to protect the interests” of FTX’s clients and creditors, said the regulator. Bahamas Regulator Takes Action to Seize FTX’s Cryptocurrencies for ‘Safekeeping’


The Securities Commission of the Bahamas (SCB) announced Thursday that it has taken “the action of directing the transfer of all digital assets of FTX Digital Markets Ltd. (FDM) to a digital wallet controlled by the Commission, for safekeeping.” FTX Digital Markets is the Bahamian subsidiary of Sam Bankman-Fried’s FTX Trading Ltd., which owns and operates the crypto trading platform FTX.com.


The securities regulator noted that the agency is “acting under the authority of an order made by the Supreme Court of the Bahamas,” elaborating: Urgent interim regulatory action was necessary to protect the interests of clients and creditors of FDM.


The regulator further detailed: “Under the Digital Assets and Registered Exchanges Act, 2020 (DARE Act), the Commission has the authority to apply for a judicial order to protect the interests of clients or customers of a registrant of the Commission under the DARE Act.”


The announcement continues: Over the coming days and weeks, the Commission will engage with other regulators and authorities, in multiple jurisdictions, to address matters affecting the creditors, clients and stakeholders of FDM globally to obtain the best possible outcome.


The Securities Commission of the Bahamas took action to freeze the assets of FTX Digital Markets and related parties on Nov. 10 as troubles at the crypto exchange unfolded.


The regulator also applied to the Supreme Court to appoint Brian Simms as a court-supervised provisional liquidator. In addition, Kevin Cambridge and Peter Greaves of Pricewaterhousecoopers (PwC) have been approved by the court as joint provisional liquidators. Tags in this story Crypto transfers, digital asset transfers, FTX digital markets, Sam Bankman-Fried, scb, Securities Commission of the Bahamas, Securities Commission of the Bahamas crypt transfers, Securities Commission of the Bahamas crypto transfers


What do you think about the Securities Commission of the Bahamas ordering FTX to transfer digital assets to a wallet it controls for “safekeeping”? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. US Senator Urges Congress to Pass Her Crypto Bill — Claims It Would"ve Prevented FTX Bankruptcy REGULATION | 1 day ago SEC Enforcement Remains Focused on Crypto — Chair Gensler Says He"s "Impressed" With Enforcement Results REGULATION | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBig Four Company KPMG to Examine New Business Models in the Metaverse Next articleOntario Teachers’ Pension Fund Writes Down Entire Investment in Bankrupt Crypto Exchange FTX Citing ‘Potential Fraud’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Bitcoin, Ethereum Technical Analysis: BTC Plunges Below $22,000, While ETH Nears 10-Day Low
Bitcoin, Ethereum Technical Analysis: BTC Plunges Below $22,000, While ETH Nears 10-Day Low Bitcoin was significantly lower on Friday, as the token fell by over $1,500 in a 24-hour
Banco Galicia Becomes First Bank to Introduce Crypto Trading in Argentina
Banco Galicia Becomes First Bank to Introduce Crypto Trading in Argentina Banco Galicia, one of the largest financial institutions in Argentina, has introduced cryptocurrency tradi
Everything Wrong With the Call of Duty: Modern Warfare Beta
Call of Duty: Modern Warfare needs a polish before it"s release. | Source: ActivisionThe Call of Duty: Modern Warfare PlayStation 4 open beta landed earlier this week, and now that
Wirecard CEO Quits as Crypto Card Firm Reveals Missing $2.1 Billion Does Not Exist
Wirecard CEO Quits as Crypto Card Firm Reveals Missing $2.1 Billion Does Not ExistWirecard chief executive officer quit as the crypto card payments firm revealed that the €1.9
Major XRP Accumulation Alert: Wallets Holding Over 10,000 Coins Cross 300,000
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
HUMAN Protocol (HMT) Announces Listing on Bitfinex
HUMAN Protocol (HMT) Announces Listing on Bitfinex sponsored September 16th, 2021 09:00 UTC – The HUMAN Protocol Foundation, the team behind HUMAN Protocol, have announced to
Lightning Network Increasingly Fragile to Attacks – Hope Turns to Drivechain for Bitcoin Scaling
Lightning Network Increasingly Fragile to Attacks – Hope Turns to Drivechain for Bitcoin Scaling A report published February 7 and authored in part by Blockstream researcher Ch
Rakesh Upadhyay2 hours agoPrice analysis 8/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIBBitcoin and altcoins perked up today, but is this rally nothing more than an oversold bounce?1004 Total views3 Total shar
Bitcoin, Ethereum Technical Analysis: ETH Back Above $1,300 to Start the Weekend
Bitcoin, Ethereum Technical Analysis: ETH Back Above $1,300 to Start the Weekend Ethereum was once again trading above $1,300, as cryptocurrency prices rose to start the weekend. M
Brayden Lindrea5 hours agoSEC’s first deadlines to approve 7 Bitcoin ETFs coming over the next weekAnalysts say the best-case scenario for crypto is that the Securities and Exchange Commission approves the batch of spo
Pro-XRP lawyer requests to be amicus curiae for Coinbase customers
Ciaran Lyons2 hours agoPro-XRP lawyer requests to be amicus curiae for Coinbase customersPro-XRP lawyer John Deaton says the urge to protect the customers "isn"t about crypto," but more so about protecting the
Bitcoin for Corporations- Michael Saylor Expects an ‘Avalanche’ of Firms to Own Bitcoin
Bitcoin for Corporations- Michael Saylor Expects an "Avalanche" of Firms to Own Bitcoin This week the firm Microstrategy held an event called “Bitcoin for