Bahamian regulator investigating problems at FTX: Tribune

Quick Take

  • A Bahamian regulator, which supervises part of FTX, is reportedly investigating the troubled firm.
  • Local newspaper The Tribune cited unnamed sources for its story.

A Bahamian regulator is investigating problems at crypto exchange operator FTX, local newspaper The Tribune reported citing unnamed sources. 

FTX Digital Markets, an FTX unit, is licensed in the Bahamas under a recently enacted law designed to position the island nation as a financial center for digital asset companies.

The Securities Commission of the Bahamas was “very closely monitoring and investigating” the fallout from the news that FTX was near collapse, the newspaper reported. Efforts to rescue FTX continue after a potential save bid by rival exchange Binance fell through on Wednesday. 

FTX founder Sam Bankman-Fried and many of his senior managers live in the Bahamas where they have acquired residences including in the luxury Albany gated community. The firm had planned to build a local headquarters and employ 700 people, said the paper, which also quoted local businessmen who said FTX had donated to Bahamian charities and put a lot of money into the economy.

An external spokesman for the Commission said the office was unable to provide a comment as the office was closed due to a hurricane warning.

 


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.