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Bahamian Authorities Confirm FTX is Under ‘Active’ Investigation, Prime Minister’s Financial Intelligence Unit Involved

Source: AdobeStock / Ruth P. Peterkin

As FTX’s chapter proceedings proceed to ravage by the crypto markets, the authorities of the Bahamas, the place the trade is headquartered, are investigating the actions of the collapsed enterprise, in line with Ryan Pinder, the nation’s lawyer common and Minister of Legal Affairs. 

In what he known as a nationwide assertion on behalf of the Bahamas authorities, the politician mentioned the Bahamas Securities Commission, Financial Intelligence Unit and the police’s Financial Crimes Unit are advancing their investigation of “the facts and circumstances regarding FTX’s insolvency crisis, and any potential violations of Bahamian law.”

“Tonight, while I speak on behalf of the government, it is in fact the Securities Commission of the Bahamas that is the lead actor in respect of the present situation as they are the statutory regulator of companies like FTX,” in line with Pinder. 

A big portion of the official’s speech was dedicated to the protection of the nation’s crypto-related laws, signaling that, within the aftermath of the main trade’s collapse, the cupboard was not contemplating to introduce vital adjustments to its regulatory framework. The lawyer common emphasised that, from his standpoint, the corporate’s administration was to be blamed for the ensuing disaster. 

“While cryptocurrency and digital assets are part of a new and complex industry, on a basic level, recent events involving the insolvency crisis involving the FTX group of companies have been experienced around the world,” Pinder mentioned. “To that extent, what happened can be more readily understood as a case of a very large business failure and a result of very questionable management practices and corporate governance.”

The minister additionally mentioned he believed the continued crypto market downturn will finally finish, returning the business to a progress path. 

“Like the dot com boom and bust of the past, we believe that the turbulence currently being experienced by the digital assets sector will pass, and that there is still much potential and opportunity ahead,” in line with Pinder. 

Meanwhile, FTX’s authorized woes additionally proceed within the US as just lately revealed info suggests Sam Bankman-Fried’s firm was on the radar of federal prosecutors lengthy earlier than its filed for chapter. 

The US Attorney’s Office for the Southern District of New York, led by U.S. lawyer Damian Williams, spent a number of months on an examination of crypto exchanges which keep US and foreign-based operations. As a part of these proceedings, Manhattan prosecutors had began to analyze FTX’s large trade operations, in line with individuals accustomed to the proceedings. 

The accessible info suggests American prosecutors are notably eager about probing FTX’s compliance with the nation’s Bank Secrecy Act. The laws introduces anti-money laundering measures within the US by requiring monetary business gamers to take care of data and submit stories for the aim of tax, felony, and regulatory issues.




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