Bahamas attorney general insists FTX is under “active and ongoing investigation” – Bitcoin News

Struggling and now bankrupt crypto exchange FTX is the subject of an “active and ongoing investigation“, Bahamas Attorney General Ryan Pinder told reporters on Sunday. Pinder also stressed that blaming the Bahamas “because FTX is headquartered here would be an oversimplification of reality.

Bahamian Attorney General says ‘Bahamas will emerge with even greater esteem’.

On Sunday, the Attorney General of the Bahamas said that discussed the collapse of FTX Digital Markets, and he insisted that Bahamian authorities are investigating FTX. Ryan Pinder began his speech by stating that “The Bahamas is a place of laws, the rule of law and due process characterize the integrity of our jurisdiction.

The Attorney General stated that the Bahamas Securities Commission (BSC) is the lead Bahamian agency for handling the FTX situation. Ryan Pinder explained that although FTX is located in the Bahamas, the government understands that the consequences of this case have affected people around the world.

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He stated that the case was a “very large commercial failure resulting from questionable internal management and corporate governance practices“. Interestingly, the Bahamian Attorney General spoke about Coindesk’s November 2, 2022. article that discusses Alameda Research’s track record. Ryan Pinder also spoke about the FTT crypto asset and how it was used as an exchange token.

After briefly mentioning the article during the speech, Ryan Pinder revealed that Alameda Research is not under the regulatory jurisdiction of the Bahamas. However, he also made it clear that if Alameda is found to have committed any improprieties in the Bahamas, then Alameda will be subject to Bahamian jurisdiction.

With respect to FTX, Pinder disclosed that an active investigation is underway. The Bahamas Attorney General stated:

We are in the early stages of an active and ongoing investigation – it is a very complex investigation – the BSC, the Financial Intelligence Unit, and the Police Financial Crimes Unit will continue to investigate the facts and circumstances surrounding the FTX bankruptcy crisis and possible violations of Bahamian law.

Ryan Pinder added that, as with any active investigation, officials seek to share updates in a way that does not “Compromise or coerce investigators“. The Attorney General noted that it was “extremely regrettable“that the bankruptcy case”gives a false idea of the measures taken in due course” by Bahamian regulators.

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Ryan Pinder believes that the OCS acted with “swiftness”outstanding“, and the Bahamian government doesn’t take too kindly to the island being blamed for FTX’s misadventure. “Any attempt to blame the entire debacle on the Bahamas because FTX is headquartered there would be an oversimplification of reality“, Ryan Pinder told the press in his prepared remarks.

Meanwhile, the crypto influencer known as Bitboy tried to interview former FTX CEO Sam Bankman-Fried (SBF) in the former executive’s Bahamas apartment. As for the Alameda Research executive, Alameda CEO Caroline Ellison said she has not yet received a response and would have left Hong Kong to take refuge in Dubai.

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