Regulators vs FTX
2022.12.13 01:46
Regulators vs FTX
Budrigannews.com – After being criminally charged by U.S. prosecutors, Sam Bankman-Fried, the founder of the failing FTX cryptocurrency exchange, was arrested on Monday in The Bahamas.
Regulators all over the world had already begun to scrutinize FTX and its components.
The following is a summary of the actions that authorities around the world are taking regarding FTX Bankman-Fried was taken into custody on December 12 by police in The Bahamas, following official notification from the United States of criminal charges against him.
The Bahamas house the group headquarters of FTX. In November, FTX Digital Markets, the local unit of the group, saw its assets frozen and a provisional liquidator appointed by the Securities Commission of the Bahamas.
UNITED STATES
A person who is familiar with the investigations claims that the Commodity Futures Trading Commission, the Justice Department, and the U.S. Securities and Exchange Commission are looking into FTX.
On December 12, the Securities and Exchange Commission (SEC) announced that it had approved charges against Bankman-Fried for violating securities laws.
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Separately, U.S. prosecutor Damian Williams stated that he anticipated moving to unseal Bankman-Fried’s indictment on December 13.
On November 9, the Securities and Exchange Commission of Cyprus requested that FTX EU cease operations.
In September, FTX made the announcement that it had been granted permission to operate as a Cyprus Investment Firm by the Cypriot regulator. This allowed the company to fully own a local investment firm that it had previously acquired.
As a result, FTX EU was able to supply the European Economic Area.
