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FTX Must Pay Expenses Incurred by Bahamas Regulator for Holding the Exchange's Digital Assets
The Securities Commission of the Bahamas last week ordered the contents of FTX's crypto wallets to be transferred to government-controlled wallets.
Updated May 9, 2023, 4:03 a.m. Published Nov 22, 2022, 7:30 a.m.
FTX is responsible for all costs associated with the digital wallet that holds FTX Digital Markets' assets, which is being kept under the supervision of the Securities Commission of the Bahamas, the country's Supreme Court ruled on Monday.
Read More: Bahamas Securities Regulator Says It Ordered FTX Crypto Transferred to Government Wallets
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"The Order secured today confirms the Commission is entitled to be indemnified under the law and FDM shall ultimately bear the costs the Commission incurs in safeguarding those assets for the benefit of FDM’s customers and creditors, in a manner similar to other normal costs of administering FDM’s assets for the benefit of its customers and creditors," the statement said. "No payment(s), however, may be made to the Commission without prior approval of the Supreme Court."
In another case involving FTX's implosion and multiple jurisdictions, Bloomberg News reported the Bahamas court agreed to move one piece of FTX’s restructuring case to a U.S. court in Delaware, citing a court filing.
Liquidators appointed in the Bahamas for one FTX affiliate agreed to move a case they filed in New York to Delaware, where more than 100 units are under the oversight of a federal judge, FTX lawyers said in papers filed in U.S. Bankruptcy Court in Wilmington, Delaware.
Read More: Bahamian Liquidators Say FTX Wasn’t Authorized to File for Bankruptcy in the US
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