FTX Trading Ltd. filed a motion on Tuesday to dismiss its Dubai-based subsidiary, FTX Exchange FZE, from ongoing bankruptcy proceedings, citing the unit’s lack of operations and assets.
Dubai’s FTX Exchange Faces Voluntary Liquidation After Motion to Dismiss From Parent Company
In the motion filed in Delaware bankruptcy court, FTX stated that FTX Dubai has never engaged in operational activities or had any customers. The crypto exchange received a license to operate in Dubai in July 2022 but did not offer any services prior to FTX’s bankruptcy filing in November. Dubai regulators suspended FTX Dubai’s license shortly after the bankruptcy filing, and the license expired in July 2023.
Without having commenced any revenue-generating activities, FTX’s court filing said its Dubai subsidiary has no reasonable likelihood of rehabilitating operations. Additionally, the company stated that FTX Dubai has a positive cash balance and is solvent, making it suitable for a voluntary liquida
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