The Bahamas Attorney General and Minister of Legal Affairs – Ryan Pinder finally issued a national statement on the collapse of FTX.
AG Pinder revealed that there was an ongoing civil investigation and a criminal investigation against the exchange in the Bahamas. He even stated that they were collaborating with several specialists and experts as part of the investigation but did not reveal any names.
He also emphasized that while FTX was a legal entity in the Bahamas, its sister firm, Alameda Research did not have legal grounds to operate in the region. In addition, if Alameda is found to have committed any improprieties, then the company would be subjected to the laws of the region.
While lauding the Bahamas Securities and Exchanges Commission for its quick action, he stated that the commission has secured the assets of FTX Digital Markets. The Attorney General stated that this was done to protect creditors and customers, after securing a green signal from the Supreme Court.
AG Pinder stated that the country’s regulatory authority has taken several protective measures approved by the Supreme Court. However, these measures would not be revealed until the regulator is confident that the ongoing investigation would not be compromised.
Furthermore, AG Pinder spoke about the bad light the country has been placed under because of FTX’s collapse. He stated that laying the entirety of this debacle at the feet of the Bahamas only because it is FTX headquarters would be a gross oversimplification of reality.
