The Supreme Court docket of the Bahamas — the place FTX Digital Marketsis headquartered — has permitted two provisional liquidators to supervise the crypto trade’s property.
In accordance with a Nov. 14 announcement from the Bahamas’ Securities Fee, the nation’s supreme courtroom permitted 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 industrial regulation agency Lennox Patton, as a provision 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 shield the pursuits of purchasers, collectors, and different stakeholders globally of FTX Digital Markets Ltd,” mentioned the Securities Fee.
The regulator added:
“Over the approaching days and weeks, the Fee expects to interact 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 can be submitting for chapter below Chapter 11 in america’ 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 Providers, Alameda Analysis, and its Bahamas-based subsidiary FTX Digital Markets. Sam Bankman-Fried additionally resigned his place amid the agency’s liquidity disaster and chapter.
Associated: FTX’s ongoing saga: Every part that’s occurred till now
The appointment of a provisional liquidator adopted the Bahamas securities regulator suspending FTX’s registration standing and freezing its native subsidiary’s property on Nov. 10. The Royal Bahamas Police Power was additionally reportedly trying into FTX as a part of an investigation of doable felony misconduct.
