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as ftx bankruptcy proceedings Authorities in the Bahamas, where the exchange is headquartered, continue to ravage through crypto markets, according to the country’s attorney general and legal affairs minister Ryan Pinder, investigating the activities of the collapsed business.
in which he called the national Statement On behalf of the Bahamas government, the politician said that the Bahamas Securities Commission, the Financial Intelligence Unit and the Financial Crimes Unit of the police are “advancing the investigation into the facts and circumstances regarding FTX’s insolvency crisis, and any possible violations of Bahamian law”. “
According to Pinder, “Tonight, when I’m speaking on behalf of the government, really the Securities Commission of The Bahamas is the key actor with respect to the current situation because they are the statutory regulator of companies like FTX.”
A large portion of the official’s speech was devoted to defending the country’s crypto-related regulations, indicating that the cabinet was not considering making significant changes to its regulatory framework, following the collapse of the major exchange. The attorney general emphasized that, from his point of view, the company’s management was to blame for the resulting crisis.
“While cryptocurrencies and digital assets are part of a new and complex industry, at a fundamental level, recent events related to the bankruptcy crisis of FTX Group companies have been experienced around the world,” Pinder said. “To that extent, what happened can be more easily understood as a huge business failure and the result of very questionable management practices and corporate governance.”
The minister also said that he believes that the ongoing downturn in the crypto market will eventually end, bringing the industry back on the path of growth.
According to Pinder, “Like the dot com boom and bust of the past, we believe that the turbulence currently experienced by the digital asset sector will pass, and there is still a lot of potential and opportunity.”
Meanwhile, FTX’s legal woes continue in the US as recently revealed information suggests Sam Bankman-Fried’s company was on the radar of federal prosecutors long before it filed for bankruptcy.
The US Attorney’s Office for the Southern District of New York, led by US Attorney Damien Williams, spent several months on the examination of crypto exchanges that maintain US and foreign-based operations. As part of these proceedings, Manhattan prosecutors began investigating FTX’s large-scale exchange operations, according to people familiar with the proceedings.
Available information suggests that US prosecutors are particularly interested in investigating FTX’s compliance with the country’s Bank Secrecy Act. The legislation initiates anti-money laundering measures in the US by requiring financial industry players to maintain records and submit reports for the purpose of tax, criminal and regulatory matters.