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Bahamas government freezes FTX assets

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The Bahamas government has taken action against the FTX exchange following the bitcoin (BTC) market crisis and revelations about its risky handling of client funds. Today, the Bahamas Securities Commission froze the assets of FTX Digital Markets (FDM) and suspended its legal registrations in the country. The company is also registered in Antigua and Barbuda.

According to the press release shared by the Commission, “the powers of FDM’s directors have been suspended and no assets of FDM, client assets or trust assets held by FDM, may be transferred, assigned or dealt with in any way, without the written approval of the provisional liquidator.” He adds that it is the attorney Brian Simms who was appointed provisional liquidator.

It should also be noted that the Securities and Exchange Commission is aware of the public contributions indicating that “client assets were mishandled, mismanaged, and/or transferred to Alameda Research.” As reported by this news organization, Alameda is the business arm funded by FTX director Sam Bankman-Fried, accused of receiving $4 billion that including funds for users Of the exchange.

The note adds that “any such action would have been contrary to normal governance, without client consent, and potentially illegal.” For the same reason, the agents of the U.S. Department of Justice and SEC are also investigating the FTX case, as this newspaper reported a few hours ago.

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