FTX Assets Overseen By Bahamas Supreme Court
- The security regulators are working with the Bahamas police to investigate the exchange.
- Bahamas security commission has acted rapidly to protect the clients.
According to the official notice on Nov 14, the Bahamas Supreme Court has approved a partnership with PricewaterhouseCoopers, also known as PwC. Which provides clients with a variety of professional business services such as accounting, auditing, human resources consulting, and strategy management, as provisional liquidators to oversee the FTX assets.
Bahamas Supreme Court Is Looking Into FTX
On Nov 11, the FTX empire filed for chapter 11 bankruptcy and its headquarters in the Bahamas. Moreover, it lists its 134 worldwide partners and subsidiaries as businesses also looking for bankruptcy protection. Where it is investigating by legislation, security authorities, and local law enforcement, a document filed on Nov 14. It indicated that FTX may have more than one million creditors.
Following the suspension of FTX in the Bahamas, all FTX assets were frozen, and Brian Simms was appointed as the court-supervised provisional liquidator. On Nov 14, it also announced the appointment of PwC’s Kevin Cambridge and Peter Greaves as joint provisional liquidators. In a statement, the Bahamas Securities Commission stated that it acted rapidly to employ its regulatory powers to further protect clients.
The Securities Commission press release said that
“Because this occurrence is multijurisdictional, the Commission expects to interact with other supervisory authorities on a regulator-to-regulator basis in the coming days and weeks.“
And the Bahamas police have declared that they are working with the country’s securities. The commission to investigate whether any illegal misbehavior occurred during the FTX’s demise.
Furthermore, the Securities Commission has claimed that the investigation is not only focused on FTX Digital Markets Ltd, FTX Trading Ltd, and Alameda Research Ltd. But also entities associated with the firm situated in the Bahamas.