The troubled and now-bankrupt crypto exchange FTX is the subject of “an active and ongoing investigation,” Bahamian attorney general Ryan Pinder told the press on Sunday. Pinder also stressed that putting the blame on the Bahamas “because FTX is headquartered here would be a gross oversimplification of reality.”
Bahamian Attorney General Says the ‘Bahamas Will Emerge, Held in Even Higher Esteem’
On Sunday, the attorney general of the Bahamas discussed the collapse of FTX Digital Markets, and he insisted that Bahamian authorities are investigating FTX. Ryan Pinder started his speech by contending that “the Bahamas is a place of laws, the rule of law, and the exercise of due process characterizes the integrity of our jurisdiction.”
The attorney general declared that the Bahamas Securities Commission (BSC) is the main Bahamian agency in charge of dealing with the FTX situation. Pinder explained that while FTX was located in the Bahamas, the government understands that the aftermath hurt people from all around the world.
He said the case was a “very large business failure as a result of questionable internal management practices and corporate governance.” Interestingly, the Bahamas attorney general spoke about Coindesk’s Nov. 2, 2022 article that discusses Alameda Research’s balance sheet. Pinder also talked about the crypto asset FTT and how it was used as an exchange token.
After briefly mentioning the article during the speech, Pinder disclosed that Alameda Research does not fall under the regulatory jurisdiction of the Bahamas. However, he further detailed that if it is found that Alameda did commit any improprieties in the Bahamas, then Alameda will be subject to the Bahamas’ jurisdiction.
As far as FTX is concerned, Pinder disclosed that there’s an active investigation taking place right now. The Bahamas attorney general said:
We are in the early stages of an active and ongoing investigation — it’s a very complex investigation — BSC, the Financial Intelligence Unit, and the Police Financial Crimes Unit will continue to investigate the facts and circumstances surrounding FTX’s bankruptcy crisis and possible violations of Bahamian law.
Pinder further added that as with any active inquiry, officials seek to share updates in a way that does not “compromise or constrain investigators.” The attorney general remarked that it was “extremely regrettable” that the bankruptcy case “misrepresented the timely action taken” by Bahamian regulators.
Pinder believes the BSC acted with “remarkable” speed, and the Bahamian government is not too pleased about people blaming the island for FTX’s mishap. “Any attempt to blame the entire debacle on the Bahamas because FTX is headquartered here would be a gross oversimplification of reality,” Pinder told the press in his prepared speech.
Meanwhile, the crypto influencer known as Bitboy has been trying to question the former FTX CEO Sam Bankman-Fried (SBF) at the former executive’s condo in the Bahamas. As far as Alameda Research’s top executive is concerned, Alameda CEO Caroline Ellison reportedly left Hong Kong to flee to Dubai.
What do you think about the attorney general of the Bahamas’ statements on Sunday? Let us know what you think about this subject in the comments section below.