Bahamas Regulator Disputes FTX CEO’s Claim, Stresses Commitment to Investor Protection

• The Securities Commission of the Bahamas has disputed FTX’s claim that the value of the cryptocurrencies it seized from the bankrupt crypto exchange was not $3.5 billion.
• The Bahamian regulator stressed that the new FTX chief’s “continued lack of diligence when making public statements concerning the Commission is disappointing.”
• The Commission explained that FTX and its representative, John J. Ray III, made false statements and calculations based on incomplete information.

The Securities Commission of the Bahamas has challenged the statements made by the new FTX CEO, John J. Ray III, regarding the value of the cryptocurrencies it seized from the bankrupt FTX crypto exchange. The Commission, the regulator of the Bahamas, seized over $3.5 billion in digital assets from the exchange back on Nov. 12 and, on Dec. 30, Ray publicly argued that the value of the digital assets transferred on that date was actually about $296 million.

The Commission has now come out to dispute Ray’s calculations and statement, asserting that the U.S. FTX debtors’ calculations were based on incomplete information. The regulator further explained that the Chapter 11 Debtors chose not to utilize their ability to request information from the joint provisional liquidators pursuant to a court order of the Supreme Court of the Bahamas.

In a statement Monday, the Commission said that the new FTX chief’s “continued lack of diligence when making public statements concerning the Commission is disappointing.” The regulator also alleged that Ray made false statements and calculations without evidence in a court filing on December 12. The Commission concluded its statement by asserting that it is committed to protecting the integrity of the Bahamian financial system and safeguarding the interests of investors.

The Securities Commission of the Bahamas has now made it very clear that it does not agree with the statements made by the new FTX CEO. The regulator has also stressed that it is committed to protecting the integrity of the Bahamian financial system and safeguarding the interests of investors. With this, the Commission has once again asserted its authority over the crypto markets in the Bahamas.

This entry was posted in Allgemein. Bookmark the permalink.