Bahamas Court Orders FTX To Pay Remuneration Fees to Regulators

Bahamas Court Orders FTX To Pay Remuneration Fees to Regulators
  • On November 12th, the Supreme Court ruled that FTX’s digital assets monitored by regulator.
  • Fifty of the exchange’s largest debtors are owed a total of $3 billion.

New problems have arisen in the Bahamas, the former home of the collapsed crypto exchange FTX. After the ailing cryptocurrency exchange filed for bankruptcy on November 11. The Supreme Court of Bahamas issued an order in favor of the Securities Commission on November 21. The ruling required the exchange to refund the regulator for the costs incurred while retaining its digital assets.

Crisis Continues For FTX

On November 12th, the Supreme Court ruled that FTX’s digital assets must be monitored by the Securities Commission. In its public notification, the commission acknowledged the verdict and said that compensation will be made after the Supreme Court gave its final approval.

This is what the official statement said:

“The Order secured today confirms the Commission is entitled to be indemnified under the law and FDM shall ultimately bear the costs the Commission incurs in safeguarding those assets for the benefit of FDM’s customers and creditors, in a manner similar to other normal costs of administering FDM’s assets for the benefit of its customers and creditors.”

Speculation that the Bahamian Securities Commission was behind the hacking of many FTX wallets was bolstered by the fact that it provided digital asset custody services for FTX. The black hat’s money movement habits, however, included money laundering procedures, ruling out the possibility that a government agency was behind the attack.

After filing for bankruptcy, the discredited cryptocurrency exchange FTX’s financial woes became public knowledge. Fifty of the exchange’s largest debtors are owed a total of $3 billion, and the number of creditors might reach over a million.

Recommended For You:

Bankman-Fried’s Parents Reportedly Spend Millions on Properties in the Bahamas

An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.