After the crypto trade based by Sam Bankman-Fried entered chapter earlier in November, the Bahamas suspended FTX’s license and took management of its digital property by transferring them right into a authorities crypto pockets.
Pinder stated it was “extremely regrettable” that Ray had “misrepresented the timely action” of Bahamian regulators, and accused him of submitting “inaccurate allegations.”
He added that the Bahamas securities fee “deserves the highest praise for moving so swiftly and decisively” in its liquidation proceedings in opposition to FTX.
Ray can be recognized for appearing as CEO for vitality giant Enron, and dealt with its liquidation after accounting fraud. On taking management of FTX, he stated: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”
Pinder hit again at accusations that the Bahamas was failing to correctly regulate cryptocurrency amid the FTX fallout. He stated: “The world is full of countries in which there is no legislative or regulatory authority over the crypto and digital asset business, but I must say the Bahamas is not one of these countries.”
The Caribbean nation has established itself as a crypto hub regardless of having a inhabitants of simply 400,000. Bankman-Fried beforehand advised Blockworks that FTX moved there due to “the proactive stance taken by The Bahamas and its regulatory bodies on cryptocurrencies.”
The Bahamas can be dwelling to Deltec Bank, which in 2021 was reported by Bloomberg to carry $15 billion in reserves for Tether, a stablecoin pegged to the US greenback.
Pinder additionally urged that FTX’s authorized technique and “intemperate statements” may very well be being pushed by “the prospect of multimillion dollar legal and consultant fees.”
“In any case, we urge prudence and accuracy in all future filings,” he added.
The Bahamas has hit out at ‘extraordinarily regrettable’ criticism from FTX’s new CEO after the Nassau-based crypto giant collapsed
The Bahamas has hit out at ‘extraordinarily regrettable’ criticism from FTX’s new CEO after the Nassau-based crypto giant collapsed
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The Bahamas has hit out at ‘extraordinarily regrettable’ criticism from FTX’s new CEO after the Nassau-based crypto giant collapsed