Share this article
FTX Assets Frozen by Bahamian Regulator
The Bahamas Securities Commission said it was a “prudent course of action” to “preserve assets and stabilize the company.”
By Nelson Wang
Updated May 9, 2023, 4:02 a.m. Published Nov 10, 2022, 10:34 p.m.
Make us preferred on Google
Bahamian regulators have frozen the assets of FTX Digital Markets and related parties, calling it a “prudent course of action” to “preserve assets and stabilize the company,” according to a press release on Thursday.
The Securities Commission of the Bahamas also suspended FTX’s registration and appointed an attorney – Brian Sims, a senior partner at Lennox Paton – as a provisional liquidator of the assets. FTX is based in the Bahamas and is a separate entity from FTX US.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“The commission is aware of public statements suggesting that clients’ assets were mishandled, mismanaged and/or transferred to Alameda Research. Based on the commission’s information, any such actions would have been contrary to normal governance, without client consent and potentially unlawful,” the commission said in its release.
FTX did not immediately respond to a request for comment.
Bloomberg first reported on the news.
Read more: The FTX Downfall: Full Coverage
UPDATE (Nov. 10, 22:56 UTC): Updated with details throughout and removed "Bloomberg" from headline.
More For You
Popular burger joint Steak ’n Shake says bitcoin adoption boosted sales ‘dramatically’
Bitcoin payments are directed to a Strategic Bitcoin Reserve, used to fund employee bonuses according to the company.
What to know:
- Steak 'n Shake reports a dramatic rise in same-store sales and a 50% reduction in processing fees since accepting bitcoin payments.
- Bitcoin payments are directed to a Strategic Bitcoin Reserve, used to fund employee bonuses.
- Steak n Shake added $10 million in bitcoin to its treasury, unveiled a bitcoin-themed burger, and donates a portion of bitcoin meal sales to open-source bitcoin development.
Top Stories
