{"id":68780,"date":"2022-11-19T09:02:11","date_gmt":"2022-11-19T09:02:11","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=68780"},"modified":"2022-11-19T09:02:11","modified_gmt":"2022-11-19T09:02:11","slug":"bahamas-regulator-takes-action-to-seize-ftxs-cryptocurrencies-to-protect-clients-and-creditors","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=68780","title":{"rendered":"Bahamas Regulator Takes Action to Seize FTX\u2019s Cryptocurrencies to \u2018Protect\u2019 Clients and Creditors"},"content":{"rendered":"

\"Bahamas<\/p>\n

The Securities Commission of the Bahamas has ordered crypto exchange FTX to transfer its cryptocurrencies to a wallet controlled by the regulator. The \u201cUrgent interim regulatory action was necessary to protect the interests\u201d of FTX\u2019s clients and creditors, said the regulator.<\/strong><\/p>\n

Bahamas Regulator Takes Action to Seize FTX\u2019s Cryptocurrencies for \u2018Safekeeping\u2019<\/h2>\n

The Securities Commission of the Bahamas (SCB) announced Thursday that it has taken \u201cthe 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.\u201d FTX Digital Markets is the Bahamian subsidiary of Sam Bankman-Fried\u2019s FTX Trading Ltd., which owns and operates the crypto trading platform FTX.com.<\/p>\n

The securities regulator noted that the agency is \u201cacting under the authority of an order made by the Supreme Court of the Bahamas,\u201d elaborating:<\/p>\n

\n

Urgent interim regulatory action was necessary to protect the interests of clients and creditors of FDM.<\/p>\n<\/blockquote>\n

The regulator further detailed: \u201cUnder 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.\u201d<\/p>\n

The announcement continues:<\/p>\n

\n

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.<\/p>\n<\/blockquote>\n

The Securities Commission of the Bahamas took action to freeze<\/a> the assets of FTX Digital Markets and related parties on Nov. 10 as troubles at the crypto exchange unfolded.<\/p>\n

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<\/a> (PwC) have been approved by the court as joint provisional liquidators.<\/p>\n

What do you think about the Securities Commission of the Bahamas ordering FTX to transfer digital assets to a wallet it controls for \u201csafekeeping\u201d? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

The Securities Commission of the Bahamas has ordered crypto exchange FTX to transfer its cryptocurrencies to a wallet controlled by the regulator. The \u201cUrgent interim regulatory action was necessary to protect the interests\u201d of FTX\u2019s clients and creditors, said the regulator. Bahamas Regulator Takes Action to Seize FTX\u2019s Cryptocurrencies for \u2018Safekeeping\u2019 The Securities Commission of […]<\/p>\n","protected":false},"author":2,"featured_media":68781,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-68780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/68780","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=68780"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/68780\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/68781"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}