Bahamian Regulator Says It Doesn’t Allow Withdrawals To FTX

The Bahamas regulator said crypto exchange FTX does not allow Bahamas-based clients to withdraw their funds.
 Bahamian Regulator Says It Doesn’t Allow Withdrawals To FTX
READING NOW Bahamian Regulator Says It Doesn’t Allow Withdrawals To FTX

The Bahamas regulator said crypto exchange FTX does not allow Bahamas-based clients to withdraw their funds.

FTX declared bankruptcy on Friday, days after the deal for Binance to buy the exchange fell through. Adding to the chaos of the exchange, it suffered a $600 million hack late Friday. FTX later reported that it was able to redirect some of its funds back to cold storage wallets. The exchange’s new CEO, John Ray III, said the company is working with law enforcement.

Bahamian Regulator: We Have Not Allowed FTX Withdrawals

Everything about FTX is now in doubt. The Bahamian regulator has denied the exchange’s recent statements that they are collaborating.

The Bahamas Securities Commission (SCB) issued a statement on Twitter, arguing that FTX’s latest tweet stating that Bahamian users were able to withdraw funds at the call of the regulator was false.

“We have begun facilitating the withdrawal of Bahamian funds, as per the regulations and regulators of our Bahamian Center,” FTX said in a tweet on Thursday.

The SCB said it did not “direct, authorize or recommend” FTX Digital Markets to prioritize withdrawals for Bahamian users.

SCB also stated the following on the subject:

“It states that such transactions may qualify as invalid choices under the bankruptcy regime and may result in withdrawal of funds from Bahamian clients as a result. In any event, the Commission shall be paid by FTX Digital Markets Ltd. does not condone preferential treatment to any investor or customer of any company or any other company.”

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