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

Paypal Hiring Over 100 Crypto Positions as Global Cryptocurrency Adoption Rises
Paypal Hiring Over 100 Crypto Positions as Global Cryptocurrency Adoption Rises Payments giant Paypal is hiring more than 100 crypto-related positions as demand
Microstrategy Buys More Bitcoin After SEC Says BTC Is a Commodity — Company Now Hodls 129,699 Bitcoins
Microstrategy Buys More Bitcoin After SEC Says BTC Is a Commodity — Company Now Hodls 129,699 Bitcoins Microstrategy has purchased more bitcoin amid a heavy market sell-off. The
Another 3 BTC Jackpot Won at Bitcoin.com Games, Over 15 Players 10x Their Deposits Just This Month
Another 3 BTC Jackpot Won at Bitcoin.com Games, Over 15 Players 10x Their Deposits Just This Month A lucky player wins a 3 bitcoin jackpot on a newly released live casino game at B
Cardano (ADA) Struggles to Hold Ground: Another Drop Incoming?
Este artículo también está disponible en español. Cardano price started a downside correction below the $1.00 zone. ADA is consolidating and facing hurdles near the $0.92
DeFi bull market confounds expectations with RWAs and ‘recursive airdrops’
Robert D. Knight10 hours agoDeFi bull market confounds expectations with RWAs and ‘recursive airdrops’Industry figures assess the state of decentralized finance in 2024 and whether it is developing as expected.641 To
India Targets 700 Crypto Investors for Non-Payment of Taxes: Report
India Targets 700 Crypto Investors for Non-Payment of Taxes: Report India’s income tax department has reportedly identified about 700 cryptocurrency investors who have faile
US Fintech Firm Acorns Adds Crypto Exposure Investing via Proshares Bitcoin ETF
US Fintech Firm Acorns Adds Crypto Exposure Investing via Proshares Bitcoin ETF The American financial technology (fintech) firm Acorns has announced customers now have the option
All in Bits to launch governance blockchain ahead of Cosmos Hub fork
Tristan Greene5 hours agoAll in Bits to launch governance blockchain ahead of Cosmos Hub forkDueling visions from estranged co-founders Jae Kwon and Ethan Buchman could test the limits of decentralization.3860 Total view
Helen Partz13 hours agoCourt approves Genesis settlement of $175M to FTX, expunges billions in claimsGenesis reportedly said the $175 million settlement was “fair and equitable,” while FTX creditors wanted to contest
Binance US CEO Steps Down as the Crypto Exchange Faces Rising Regulatory Scrutiny
Binance US CEO Steps Down as the Crypto Exchange Faces Rising Regulatory Scrutiny Former acting Comptroller of the Currency Brian Brooks has resigned as the CEO
US Sanctions Russian Crypto Broker Suex for Laundering Millions in Illicit Funds
US Sanctions Russian Crypto Broker Suex for Laundering Millions in Illicit Funds The U.S. Treasury Department has blacklisted Suex, a cryptocurrency broker based in Russia, for its
Viral video raises claims Wikipedia censored data about US elections and COVID-19
Helen Partz10 hours agoViral video raises claims Wikipedia censored data about US elections and COVID-19Former CEO Katherine Maher said in a now-viral video that Wikipedia sought to fight disinformation about U.S. electi