The Bahamas Securities Commission and the Royal Bahamas Police Force are “working closely to investigate any criminal activity that may have taken place.” The Securities Commission of The Bahamas, where FTX is based, recently required a liquidator to briefly wait and froze the trade's resources last Thursday.
On November 11, FTX petitioned for Section 11 liquidation in the US province of Delaware. Sam Bankman-Fried, a prime supporter of FTX, left his position as President around the same time and was prevailed by Chicago-based lawyer John J. Beam III.
The local police are presently involved. Working closely with the Bahamas Securities Commission, the Financial Crimes Investigation Branch is investigating expected crime.
The financial controller gave the latest update in the wake of the declaration made on November 11 that it had made a move to freeze resources possessed by FTX and associated parties.
To save resources and settle the organization, the office expressed at the time that it thought freezing was a reasonable strategy.
Last September, FTX moved its corporate base camp from Hong Kong to the bitcoin-accommodating Bahamas. At that point, Bankman-Fried declared that the Caribbean tax shelter was a superior spot to direct business since it had clearer guidelines than the Asian city.
The Bahamas has embraced the cryptocurrency industry and is quite possibly the earliest country to present its own Central Bank Digital Cash (CBDC), a computerized, government-controlled option in contrast to the neighborhood dollar, in 2020.
Police in the Bahamas have opened a test into the cryptocurrency trade FTX and are effectively searching for verification of any criminal way of behaving.
The joint group’s goal, as per the tweet, is to research on the off chance that any crook wrongdoing happened.
End of the week, the Securities Commission of The Bahamas gave a different public statement on the circumstance encompassing FTX notwithstanding the explanation from the Bahamas Police Power.
The Protections Commission tended to FTX’s generally revealed public cases that it was helping withdrawals for Bahamian clients with compliance to neighborhood regulations in the news discharge. The Protections Commission, in any case, attests that no orders have at any point been made to incline toward Bahamian clients’ withdrawals over those of different clients.
As per the bankruptcy system, “[…] such transactions may be considered as avoidable inclinations and in this way bring about pawing back monies from Bahamian clients,” the assertion said.
The Commission doesn’t support the particular treatment of any financial backer or client of FTX Computerized Markets Ltd. etc.