Tagged: Bahamas

Securities Commission of The Bahamas Took $3.5 Billion in Crypto from FTX for “Safekeeping”

  The Securities Commission of The Bahamas has announced that it took $3.5 billion in crypto from FTX for safekeeping, according to a statement distributed by the Commission yesterday (December 29, 2022). The Commission stated that based on information provided by former FTX CEO Sam… Read More

Sam Bankman-Fried Arrested in the Bahamas, Extradition to US Expected

Sam Bankman-Fried, the founder and former CEO of FTX, has been placed under arrest in the Bahamas. Bankman-Fried has lived in the Bahamas since FTX became a regulated entity under Bahamanian law. FTX filed for bankruptcy protection last month under US law. Bankman-Fried was arrested… Read More

Lessons Learned from the FTX Collapse: Congressional Committees Plan Hearings on FTX Collapse, Bahamas Defends its Actions

The US Senate Committee on Agriculture, Nutrition, and Forestry will hold a hearing titled “Why Congress Needs to Act: Lessons Learned from the FTX Collapse.”  The Committee has oversight of FTX due to the fact that certain crypto assets are regulated by the Commodities Futures Trading Commission… Read More

Securities Commission of the Bahamas Takes Control of FTX Digital Markets Assets

Today, the Securities Commission of the Bahamas issued a statement that it has transferred all assets held by FTX Digital Markets Ltd., to a wallet controlled by the regulator. The Securities Commission said it took control of the assets under its powers as a regulator… Read More

Former SEC Counsel on FTX Failure: “We are talking about fraud with a capital F”

The bankruptcy of FTX and many of its affiliated entities have pummeled all crypto markets. Many observers wonder if there is another shoe to drop. Meanwhile, crypto-associated firms continue to make announcements regarding any impact the collapse of crypto may have on their operations. It… Read More

Criticism of Sam Bankman-Fried, FTX Collapse Grows as More Details Emerge, Bahamas Announce Criminal Investigation

As details of the FTX collapse continue to emerge, criticism has turned into a pile-on in regard to Sam Bankman-Fried’s mismanagement of the crypto exchange and affiliated entities, including his hedge fund Alameda Research. Bankman-Fried is said to be in the Bahamas, where authorities are… Read More

Securities Commission of The Bahamas Takes Action to Freeze Assets of FTX, Related Parties

The Securities Commission of The Bahamas (the Commission) took action “to freeze assets of FTX Digital Markets and related parties.” The Commission also “suspended the registration and applied to the Supreme Court of The Bahamas for the appointment of a provisional liquidator of FTX Digital… Read More

PopPay Platform in The Bahamas Expands to Government-backed Virtual Currency

PopID and SunCash announced that for the “first time” in history, consumers can now use the PopPay face verification platform “to purchase goods and services with a central bank digital currency (CBDC) – digital money issued and backed by a government.” Bahamian consumers can now… Read More

FTX Raises $400 Million at $32 Billion

FTX, the global crypto trading platform, has raised a $400 million Series C round at a $32 billion valuation according to a company statement. Earlier this month, FTX.us, the US-facing crypto trading platform, raised a $400 million Series A round valuing the firm at $8… Read More

Central Bank of The Bahamas Initiates Consultation on a Plan to Eliminate Use of Paper Cheques

The Central Bank of The Bahamas has officially started consultations with banking institutions, credit unions as well as other payment services providers on a strategy to “eliminate all use of domestic cheques by the end of 2024.” According to a release, wider public consultation is… Read More

Bank of France Official Says CBDCs Might Challenge Role of Large Banks in Settlement of Transfers

Central bank digital currencies or CBDCs might offer new types of businesses improved access to cost-effective reserve bank funding while potentially reducing the role of large banking institutions when it comes to settling big transactions, according to recent statements from a senior Bank of France… Read More

Digital Asset Exchange Bitfinex Introduces its First $280 Million Cryptocurrency Hedge Fund for Institutional Investors

Digital asset exchange Bitfinex has introduced its first cryptocurrency hedge fund. Bitfinex’s management confirmed on March 17, 2020, that its $280 million digital currency hedge fund, called Fulgur Alpha, will be available only to the firm’s institutional clients. Paolo Ardoino, CTO at Bitfinex, told The… Read More

Central Bank of the Bahamas to Launch its Own Fiat Digital Currency to Ensure Economy Remains Stable After Natural Disasters

The Central Bank of the Bahamas (CBOB) is reportedly preparing to launch its own fiat-based digital currency to ensure that the nation’s economy remains stable in the event of a natural disaster. CBOB governor John Rolle recently confirmed that the country was planning to release… Read More

Send this to a friend