As FTX’s bankruptcy proceedings continue to ravage through the crypto markets, the authorities of the Bahamas, where the exchange is headquartered, are investigating the activities of the collapsed business, according to Ryan Pinder, the nation’s attorney general and Minister of Legal Affairs.
In what he called a national statement on behalf of the Bahamas government, the politician said 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,” according to Pinder.
A large portion of the official’s speech was devoted to the defense of the nation’s crypto-related regulations, signaling that, in the aftermath of the major exchange’s collapse, the cabinet was not considering to introduce significant changes to its regulatory framework. The attorney general emphasized that, from his point of view, the company’s management was to be blamed for the resulting crisis.
“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 said. “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 also said he believed
Read more on cryptonews.com