FTX under ‘active’ civil and criminal investigation: Bahamas AG.
Bahamian Securities Commission, the Prime Minister’s financial intelligence unit and a financial crimes unit are all involved in the FTX investigation.
The Bahamas Attorney General (AG) and Minister of Legal Affairs Ryan Pinder has confirmed that the collapsed crypto exchange FTX is the focus of an “active and ongoing” investigation by authorities from the Caribbean nation.
In a national statement that was delivered live on the Facebook page of the Office of the Prime Minister on Nov. 27, Pinder explained that the “affairs of FTX Digital Markets” are under scrutiny from both “civil and criminal authorities,” and Bahamian authorities are working with “a number of specialists and experts and will continue to do so as the need arises.”
“The Securities Commission, our financial intelligence unit, and the financial crimes unit of the Royal Bahamas Police Force will continue to investigate the facts and circumstances regarding FTX’s insolvency crisis and any potential violations of Bahamian law,” he added.
Pinder also revealed the relevant Bahamian authorities would try to hold to account any companies or individuals found to have committed any wrongdoing during the investigation, while they will cooperate with other regulatory agencies and law enforcement bodies around the world.
“These events remind us of the lessons learned from securities and other financial regulation about the need for strong cross-border cooperation. The public worldwide will be best served by a strong international regulatory cooperation,” he said.
The Securities Commission of the Bahamas suspended FTX Digital Markets (FDM) license to conduct business and stripped its directors of their power on Nov. 10.
On Nov. 12 they ordered the transfer of all FDM digital assets to a digital wallet owned by the commission for “safekeeping.”
Pinder mentioned the country’s regulatory authority has taken further protective measures approved by the Supreme Court but declined to elaborate further until “we are confident that doing so will not jeopardize any aspect of the ongoing investigations.”
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