menuIcon
$ 82,953.0
BTC
$ 82,953.0
0.17 %
$ 1,829.65
ETH
$ 1,829.65
-1.54 %
$ 0.6736
ADA
$ 0.6736
-0.51 %
$ 605.12
BNB
$ 605.12
-0.46 %
$ 124.75
SOL
$ 124.75
-1.53 %
Gungun Bhatia
Nov 28, 2022
by Gungun Bhatia

Attorney General of Bahamas Supports Regulatory Power During FTX Saga

Bahamas FTX

Table of contents

  1. Pinder Supports Regulatory Power Amid FTX Saga
  2. Protection of FTX’s Finances
The attorney general of the Bahamas has defended the island's activities following FTX Saga. Ryan Pinder, a senator, and minister of legal affairs gave a 23-minute pre-recorded statement in which he outlined the FTX Saga, referred to the government's measures, and attempted to convince investors and visitors that The Bahamas remained a secure location for both travel and commerce.

Pinder Supports Regulatory Power Amid FTX Saga

Sam Bankman-Fried, the creator of FTX, liked and reposted the tweet on the address from the Bahamas Prime Minister's Office. Pinder praised the Securities Commission of The Bahamas for acting quickly in terminating FTX Digital Markets' license, assigning interim liquidators, and later seizing the company's assets to be held on account of and for the advantage and reparation of clients and creditors of FTX.

Pinder stated repeatedly during his address that The Bahamas will not disclose any further information regarding existing civil and criminal investigations out of concern that it might jeopardize them.

Protection of FTX’s Finances

Pinder added to the commission's earlier complaints, claiming that the acts of the government were mischaracterized by the new FTX CEO John Ray III. The lawyers for Ray and FTX claimed that the Bahamas' government had ordered unpermitted transactions in a court document. According to the commission, these steps were taken to safeguard FTX's finances.

Pinder spent most of his speech defending The Bahamas' regulatory framework as being adequate to regulate the cryptocurrency industry.

Follow us on: News
FTX Sam Bankman-Fried Attorney General of Bahamas FTX Saga
Attorney General of Bahamas Supports Regulatory Power During FTX Saga
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

Top Picks