Bahamas approves provisional liquidators for FTX assets
Quick Take
- The Supreme Court of the Bahamas approved provisional liquidators to oversee FTX Digital Markets Ltd.’s assets.
The Supreme Court of the Bahamas approved provisional liquidators to oversee FTX Digital Markets Ltd.'s assets, according to the Securities Commission of the Bahamas.
Brian Simms has been approved as a court-supervised provisional liquidator, while PricewaterhouseCoopers' Kevin Cambridge and Peter Greaves were approved as joint provisional liquidators.
"Given the magnitude, urgency, and international implications of the unfolding events with regard to FTX, the Commission recognized that it had to, and moved swiftly to use its regulatory powers under the Digital Assets and Registered Exchanges Act, 2020 (“DARE Act”) to further protect the interests of clients, creditors, and other stakeholders globally of FTX Digital Markets Ltd. (FDM)," the Commission said.
The multijurisdictional nature of the FTX situation — which involves FTX Digital Markets LTd., FTX Trading Ltd., Alameda Research Ltd., and others — was also noted in the release, where the Bahamian authorities share expectations "to engage with other supervisory authorities on a regulator-to-regulator basis."
The news follows Sunday's release from the Royal Bahamas Police Force, which shared that a team of financial investigators from its Financial Crimes Investigation Branch are investigating if any criminal misconduct occured.
FTX filed for Chapter 11 bankruptcy protection in the U.S. on Friday.
Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.
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