Regulator denies asking FTX for priority withdrawals for Bahamian clients

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The Securities Commission of The Bahamas has refuted a claim by FTX that it had been facilitating withdrawals in compliance with Bahamian regulations. News The Securities Commission of The Bahamas has denied authorizing or instructing crypto exchange FTX for priority withdrawals of Bahamian clients. The securities commission denied in a statement issued on Nov. 12 the contents of a Nov. 11, tweet from FTX that suggested it had been given instructions by “Bahamian HQ regulation and regulators” to facilitate withdrawals of Bahamian money. “The Commission wishes it to inform that it has not authorized, directed or suggested to FTX digital markets, Ltd. the prioritization for withdrawals for Bahamian customers,” reads the statement, which was posted on the SCB’s twitter page. Securities Commission Addresses FTX Statement on Bahamian Withdrawals pic.twitter.com/OZKWwicSuN– Securities Commission of The Bahamas (@SCBgov_bs) November 12, 2022
The SCB also removed the powers from the FTX directors and stated that it decided that FTX needed to be placed into a provisional liquidation “to preserve assets and stabilize the company.” The SCB has also stripped the powers from the directors of the FTX and said it determined the “prudent course of action” was to put FTX into a provisional liquidation “to preserve assets and stabilize the company.”According to the statement, the Bahamian Supreme Court appointed a provisional liquidator and said, “no assets of FDM, client assets, or trust assets held by FDM can be transferred, assigned, or otherwise dealt with, without the written approval of the provisional liquidator.”Cointelegraph has reached out to FTX for comment but has not received an immediate response.