The Securities Commission of the Bahamas has taken complete control of FTX Digital Assets. On the 17th of November, a press statement announcing the new user guidelines was made available to the public.
The Securities Commission transferred all of FTX’s digital assets to a wallet under its control. The Digital Assets and Registered Exchanges Act (DARE Act) empowered the commission authority to protect customers’ interests. They are meeting with other authorities and regulators in order to come up with a solution.
Sam Bamkman Fried’s Cryptocurrency Exchange FTX filed for Chapter 11 bankruptcy protection in the US. A move whose cause has been attributed to the improper use of customer funds and investments in risky assets. SBF apologized for his negligence via a series of tweets, saying, “he is sorry things turned out this way and he should have done better.”
He also stated that he should have communicated with the users about how things were going at the firm. The deed has been done, and as a result of investments in FTX, multiple exchanges are now filing for bankruptcy.
The rumour circulating says Mr. Sam Bankman fled the Bahamas after an interview with the Bahamas Police Force and is currently in Argentina. The US authorities are planning on bringing him in for further questioning for improper management of customer funds.
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