Regulation

Bahamian securities regulator slams new FTX CEO over ‘misstatements’

The Securities Fee of Bahamas has slammed FTX’s new CEO for his statements relating to the continued investigation into the bankrupt crypto change. 

In a press launch despatched to Cointelegraph, the Bahaman regulator did not straight level to the precise assertion of John J. Ray III it has points with, however addressed current studies that the Bahamas’ authorities had requested former CEO Sam Bankman-Fried to create a brand new multi-million token and hand over management to them.

The report additionally alleged Bahamas officers tried to assist Bankman-Fried regain entry to key laptop programs of FTX. In response to United States legal professionals, Bahamas officers had been “liable for directing unauthorized entry” to FTX programs with a purpose to take over management of digital property underneath the supervision of a U.S. court docket.

The securities regulator stated that they had been the primary regulators to take strict motion towards the collapsed change and its CEO. Addressing the rumors over digital property custody, the press launch famous that the authorities secured the switch of doubtless “commingled digital property” of FTX change on orders issued by the supreme court docket of the Bahamas. The press launch learn:

“The Fee holds these property as trustee solely (underneath Bahamian Regulation), and they are going to be finally distributed, to collectors and shoppers of FTX, wherever they might be situated, in accordance with the court docket’s course.”

The Bahamas regulator additionally slammed Ray for utilizing “redacted electronic mail correspondence” between officers and Bankman-Fried. The discharge stated that these redactions had been designed to create a misunderstanding of communications and that Ray was properly conscious of the entire situation.

Associated: Breaking: SBF denied bail by Bahamas Justice of the Peace Courtroom choose

The securities regulator requested Ray and his representatives to not “impede the investigation,” and accused the CEO of not clearing his issues with the fee first earlier than airing them publically.

Bankman-Fried was arrested late on Dec. 12 by the Bahamas authorities on the request of the U.S. authorities. A day later, the U.S. Securities and Trade Fee and the Commodity Futures Buying and selling Fee charged Bankman Fried with defrauding U.S. buyers.

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