The Supreme Courtroom of the Bahamas has authorised two provisional liquidators to supervise the belongings of crypto alternate FTX Digital Markets, which is headquartered within the nation.
In keeping with a Nov. 14 announcement from the Bahamas’ Securities Fee, the nation’s supreme court docket approved the appointments of PricewaterhouseCoopers advisory associate Kevin Cambridge and associate Peter Greaves to behave as “joint provisional liquidators” for FTX. The securities regulator additionally utilized to have Brian Simms, a senior associate of Bahamas-based business regulation agency Lennox Patton, as a provisional liquidator on Nov. 10.
“Given the magnitude, urgency, and worldwide implications of the unfolding occasions with regard to FTX, the Fee acknowledged that it needed to, and moved swiftly to make use of its regulatory powers […] to additional defend the pursuits of purchasers, collectors, and different stakeholders globally of FTX Digital Markets Ltd,” stated the Securities Fee.
The regulator added:
“Over the approaching days and weeks, the Fee expects to have interaction with different supervisory authorities on a regulator-to-regulator foundation as this occasion is multijurisdictional in nature.”
FTX introduced on Nov. 11 that the corporate could be submitting for chapter below Chapter 11 in the US District of Delaware. The proceedings included greater than 130 corporations in FTX Group, together with FTX Buying and selling, FTX US — below West Realm Shires Companies — Alameda Analysis and its Bahamas-based subsidiary FTX Digital Markets. Sam Bankman-Fried additionally resigned from his place amid the agency’s liquidity disaster and chapter.
Associated: FTX’s ongoing saga: All the things that’s occurred till now
The appointment of a provisional liquidator adopted the Bahamian securities regulator suspending FTX’s registration standing and freezing its native subsidiary’s belongings on Nov. 10. The Royal Bahamas Police Drive was additionally reportedly trying into FTX as a part of an investigation of potential legal misconduct.
