The Bahamas Attorney General and Minister of Legal Affairs, Ryan Bender, confirmed that cryptocurrency exchange FTX is the center of an “active and ongoing” investigation by the Caribbean country’s authorities.
On November 27, Binder made this clear in a national statement released live on the Prime Minister’s Office’s Facebook page FTX Digital Markets Inc. subject to prior scrutiny “civil and criminal authorities”and that the Bahamas authorities are working with it “Many specialists and experts, and they will continue to do so as needed.”
“The Securities Commission, Financial Intelligence Unit and Financial Crimes Unit of the Royal Bahamas Police Force will continue to investigate the facts and circumstances related to the FTX crisis and any potential violations of Bahamas law.”
Binder also revealed that the relevant Bahamas authorities would seek to detain any company or individual they have An offense was committed during the investigationwhile working with other regulatory agencies and law enforcement agencies around the world.
“These events remind us of lessons learned by securities regulators and other financial sectors about the need for strong cooperation across borders. Publics around the world are best served by strong international regulatory cooperation.”
The Bahamas Securities Commission suspended FTX Digital Markets (FDM)’s license, stripping its directors of powers on November 10.
On November 12, it ordered that all FDM digital assets be transferred to a digital wallet owned by the commission, for safekeeping.
Bender stated that the country’s regulator has taken additional safeguards approved by the Supreme Court, however Refused to give more details until “We will be certain that doing so will not jeopardize any aspect of the ongoing investigation,” he added.
Pinder also took the opportunity to criticize the November 17 emergency proposal by FTX Trading Limited, which accused the “Bahamian Government” of “Unauthorized direct access to the debtor’s systems”, After the commencement of Chapter 11 bankruptcy proceedings in the United States.
Select the charges “very unfortunate” to twist “The immediate action taken by the JSC”while defending each Actions taken so far by the country’s regulatory authority.
The Bahamas encourages cryptocurrency companies to relocate to the island nation to support economic growth. However, they have since been rocked by the collapse of FTX.
In addition, the area was hit hard by Hurricane Dorian 2019 and the COVID-19 pandemic, The economy is on its knees It is highly dependent on tourism. With FTX gone, you have many jobs in the small country.
However, Binder reiterated his belief that despite the “personal tragedies” associated with the FTX collapse, he expected “Fringe infection extends beyond the realm of digital assets here in the Bahamas and around the world.” With reference to the November 22 Standard & Poor’s rating of the Bahamas, which calls a stable lookQuoting the performance of the tourism sector:
“Standard & Poor’s has projected a stable outlook for our economy, based in part on the assumption that there will be no material negative impact on the Bahamas from the collapse of FTX worldwide.”