A Bahamas securities regulator on Thursday froze the assets of the local subsidiary of beleaguered cryptocurrency exchange FTX.
The Securities Commission of The Bahamas also took the first step into forcing the local subsidiary, FTX Digital Markets (FDM) into what’s known as provisional liquidation — where assets will be safeguarded for the time being, as opposed to distributing the company’s assets to creditors.
FDM’s registration — which permits the business unit to operate in The Bahamas — has been canceled by the regulator in a bid to “proactively” deal with the fast-developing situation, according to a statement from the regulator.
FDM is the Bahamian subsidiary of parent FTX Trading Ltd., owner and operator of FTX writ-large. FTX and its subsidiaries do not account for the US arm of CEO Sam Bankman-Fried’s businesses, FTX.US.
The move follows reporting demonstrating that FTX and sister trading firm Alameda Research had been commingling assets — namely
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