Beleaguered crypto exchange FTX files a motion to dismiss Chapter 11 bankruptcy for its subsidiary in Dubai. The debtors also seek the court’s order to schedule the settlement and stock exchange agreement between FTX, West Realm Shires, and IEX Group.
It wants to complete all pending fund and token transfers from companies such as payment platform Stripe before launching FTX 2.0.
FTX Dubai is a wholly-owned subsidiary of FTX Europe AG, which received a license from Dubai’s Virtual Assets Regulatory Authority on July 12, 2022.
However, the exchange never started offering crypto-related services to investors.
Moreover, the debtors claim the court has jurisdiction to consider the motion and it’s in the best interest of creditors. Any court order will authorize debtors to clear pre-bankruptcy wages and salaries to Dubai-based employees.