The Bahamas Calls FTX CEO’s Actions As Regrettable

FTX’s newly appointed CEO John J. Ray III, responsible for restricting the company has come under the fire of the Bahamian government. There’s been a new tussle and escalating fight over what needs to be done with the remains of FTX’s crippled empire.

On Sunday, November 27, Bahamas Attorney General Ryan Pinder said that the recent statements made by FTX CEO John Ray at the U.S. Bankruptcy proceedings were misrepresented actions and “Regrettable”. In a video address on Sunday, Pinder said:

“It is possible that the prospect of multimillion dollar legal and consultant fees is driving both their legal strategy and the intemperate statements. In any case, we urge prudence and accuracy in all future filings”.

Since the filing of FTX’s bankruptcy on November 11, a major conflict is born with the Bahams regulator’s move for seizing the crypto assets of the local FTX unit. The lawyers representing crypto exchange FTX have raised the doubts that after the bankru[ptcy filing, some assets were ordered to be transferred to the Bahamian government.

The lawyers have also accused Sam Bankman-Fried for undermining the company’sreorganization efforts “incessant and disruptive tweeting.”

After FTX Episode, All Eyes on the Bahamian Government

Since the dramatic collapse of the crypto exchange FTX, regulators across the globe have swung into action. The FTX contagion has impacted the broader crypto market. Several popular crypto lenders like BlockFi and Genesis are facing massive liquidations. As a result, it has become difficult for them to handle liquidity.

Also, the downfall of FTX has cast a spotlight on the Bahamas and its burgeoning crypto industry. However, the island nation continues to defend its efforts of attracting crypto firms. The Bahamian government also added that they won’t stop doing it. Pinder said:

“We do not apologize for our ambition for Bahamians to be at the forefront of this exciting innovative sector. The Bahamas stands behind its decision to regulate digital assets and related businesses. We stand behind the quality of the regulations that exist.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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