• About Us
  • Careers
  • Contact
No Result
View All Result
Monday, October 27, 2025
DeFi Planet
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverse
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverse
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
No Result
View All Result
Home News Latest News

FTX Moves to Exclude its Dubai Unit from Bankruptcy Proceedings as Creditors Express Discontent Over Restructuring Plan

3 August 2023
in Latest News, News
Reading Time: 3 mins read
108 1
FTX Moves to Exclude its Dubai Unit from Bankruptcy Proceedings as Creditors Express Discontent Over Restructuring Plan

source: thecryptoupdates.com

Bankrupt crypto exchange FTX has taken legal action to exclude its Dubai division from its ongoing bankruptcy proceedings in the United States. 

In the court documents filed on August 3, 2023, FTX claimed that its Dubai unit did not conduct any business in the United Arab Emirates (UAE) before the bankruptcy filing in November 2022 and, therefore, has “no reasonable likelihood of rehabilitating its operations.” 

When the exchange filed for bankruptcy in the U.S., it initiated Chapter 11 cases for 102 associated entities worldwide, including FTX Dubai.

FTX Dubai was established in February 2022 and is owned by the exchange’s European arm. It holds a virtual asset service provider license from Dubai’s Virtual Assets Regulatory Authority (VARA) and currently has approximately $4.5 million in various accounts, with $4 million being restricted by VARA as security for the license.

FTX also argued that the Dubai unit is solvent and plans to undergo a voluntary liquidation process in accordance with UAE laws, which will allow for the timely distribution of positive cash balance after all liabilities are paid, and assets are liquidated.

The FTX team claimed that it is requesting a dismissal to protect debtors and pay pre-bankruptcy compensation to Dubai employees. They, however, noted that any court orders made during proceedings should still be upheld.

A hearing on this issue has been scheduled for August 23, 2023.

FTX Customers Express Disappointment Over FTX’s Draft Bankruptcy Plan

Meanwhile, FTX’s creditors have expressed disappointment with the exchange’s draft bankruptcy plan. According to their court filing on July 31, 2023, the Official Committee of Unsecured Creditors (UCC) claims that despite repeated requests and previous assurances, the FTX restructuring team did not engage in any calls or meetings to discuss the draft Chapter 11 plan.

FTX’s draft plan aims to categorize customer claims into classes and lays out a pathway for FTX to re-launch as an offshore exchange. However, the UCC is concerned that the plan fails to designate someone with relevant crypto experience to lead the rebooted FTX.

The creditors also warned that if its concerns remain unaddressed, they will present their own plan for FTX customers to vote on.

It appears that the FTX team is open to making changes to their plan to incorporate the suggestions put forth by the UCC. The creditors have taken to social media to share an update, stating that discussions to this effect will commence shortly.

The Debtors filed a template for a plan of reorganization last night. Business level negotiations between the Committee and the Debtors over the terms of the plan have not happened yet, but will start very soon.

— Official Committee of Unsecured Creditors of FTX (@FTX_Committee) August 1, 2023

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.

 

Tags: FTX
Share64Tweet40Share11
Favour Olaiya

Favour Olaiya

Favour is passionate about education and empowering people through knowledge sharing. He creates content centered around societal development and providing access to technology. When he's not doing this, you can find him nose-deep in classic books or taking a deep dive into the intriguing history of science.

Related Posts

source:  ukstories.microsoft.com
News

ClearBank Partners with Circle to Boost Stablecoin Adoption Across Europe

27 October 2025
source: coinmarketcap.com
Bitcoin

Michael Saylor’s Strategy Boosts Bitcoin Holdings With $43M Purchase as BTC Rally Continues

27 October 2025
source: crypto-economy.com
Bitcoin

Bitplanet Becomes South Korea’s First Public Firm to Buy Bitcoin Under Full Regulation

27 October 2025
Mt. Gox Transfers $2.98 Billion Worth of Bitcoin in 2 Hours
Bitcoin

Mt. Gox Delays Bitcoin Repayments Again, Extends Creditor Deadline to October 2026

27 October 2025

Editors Picks

Mining vs. Staking: Which Crypto Validation Method Will Shape the Future?

Mining vs. Staking: Which Crypto Validation Method Will Shape the Future?

byOlajumoke Oyaleke
15 July 2025
0

Where Are the Ethereum-Killers Now?

Where Are the Ethereum-Killers Now?

byOlayinka Sodiqand1 others
6 January 2025
0

source: investorplace.com

How to Find the Newest Cryptocurrencies Before They’re Listed

byOlayinka Sodiq
30 December 2024
0

Exploring the Role of AI in Enhancing DeFi Security

Exploring the Role of AI in Enhancing DeFi Security

byOlayinka Sodiq
1 October 2024
0

The Ultimate Guide to How NFT Royalties Work

The Ultimate Guide to How NFT Royalties Work

byAdedamola Ojedokun
17 April 2024
0

Read More

Chain of Thoughts

The Aesthetics of Web3: Why Vibe Matters in Decentralized Communities

The Aesthetics of Web3: Why Vibe Matters in Decentralized Communities

byOlu Omoyele
27 September 2025
0

...

Zero-Knowledge Everything: Trust, Privacy, and Verification in the Digital Age

Zero-Knowledge Everything: Trust, Privacy, and Verification in the Digital Age

byOlu Omoyele
30 August 2025
0

...

What Happens When AI Gets a Wallet?

What Happens When AI Gets a Wallet?

byOlu Omoyele
31 July 2025
0

...

The Game-changing Triumvirate: Blockchain, Data Science, and Artificial Intelligence

The Game-changing Triumvirate: Blockchain, Data Science, and Artificial Intelligence

byOlu Omoyele
30 June 2025
0

...

Markets Update

Are Ethereum-Based Treasuries Emerging as the Berkshire Hathaway of Crypto?

2 days ago

Is the Crypto Market Now Majorly Driven by Institutions?

2 days ago

CBDCs vs. Stablecoins: Which Has the Market’s Trust?

2 days ago

Your Weekend Crypto Roundup | October 2025 (Week 4)

3 days ago

A New Age of Money: Should Every Currency Have Its Own Stablecoin?

3 days ago

Inside Africa’s Financial Reinvention: The Surge of Stablecoin Adoption

3 days ago
Read More

Events

  • No events
  • Spotlight

    All about Ethereum
    All about Algorand
    All about Bitcoin
    All about Gora

    Press Releases

    Jiuzi Holdings, Inc. Partners with SOLV Foundation on $2.8B TVL Bitcoin Initiative to Advance Crypto Treasury Strategy

    bychainwire
    27 October 2025
    0

    MultiBank Group and Khabib Nurmagomedov Launch an Exclusive Worldwide Multi-Billion-Dollar Joint Venture to Build the World’s First Regulated Tokenized Sports Ecosystem.

    bychainwire
    25 October 2025
    0

    RIVER Gains 5x Following Binance Perp Listing, Supported by Time-Encoded Airdrop Conversion

    bychainwire
    24 October 2025
    0

    Trezor Launches Trezor Safe 7: First Hardware Wallet With Transparent Secure Element

    bychainwire
    23 October 2025
    0

    Roba Shatters Closed Systems: The People’s Robotics Platform Launches To Dominate $218b Industry

    bychainwire
    23 October 2025
    0

    Read More

    ADVERTISING

    ABOUT

    TEAM

    CAREERS

    CONTACT

    TERMS & CONDITIONS

    PRIVACY POLICY

    © Copyright 2025 DeFi Planet

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • News
      • People
      • Business
      • Crime
      • Regulation
      • Crypto
      • CBDC
    • Markets
      • Bitcoin
      • Ethereum
      • Stablecoins
      • Altcoins
      • Crypto ETFs
      • Memecoins
    • Policy
    • Articles
      • Press Releases
      • Opinion
      • Explainers
      • Guest Post
      • Sponsored
    • Directory
      • Companies
      • People
      • Products
      • Wallets
    • Multimedia
      • Videos
      • Podcasts
    • Learn
      • DeFi Basics
      • Tutorials
      • Reviews
      • Blockchain Fundamentals
    • Research
      • Case Studies
    • Explore
      • DeFi
      • Crypto Gaming
      • NFT
      • DAO
      • Metaverse
      • Glossary
    • Jobs
    • Markets Pro
      • DeFi Planet Pro
      • Spend Crypto
      • Swap Crypto
      • Coin Prices
      • Crypto Exchanges
      • Crypto Analyzer

    © Copyright 2024 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

    -
    00:00
    00:00

    Queue

    Update Required Flash plugin
    -
    00:00
    00:00