News

FTX Is Not Allowed Priority Withdrawal For Bahamian Clients

FTX Is Not Allowed Priority WithdFTX Is Not Allowed Priority Withdrawal For Bahamian Clientsrawal For Bahamian Clients

The Securities Commission of The Bahamas (SCB) has denied giving the cryptocurrency exchange FTX instructions or authorization to prioritize withdrawals from Bahamian customers.

FTX Is Not Allowed Priority Withdrawal For Bahamian Clients 2

The securities commission fiercely refuted the claims made in a tweet from FTX on November 11 that it had received orders from “Bahamian HQ’s regulation and regulators” to assist the withdrawal of Bahamian monies.

The SCB has cautioned, however, that any withdrawal of funds could be subject to recoupment as part of any potential liquidation proceedings for the company.

“In any event, the Commission does not condone the preferential treatment of any investor or client of FTX Digital Markets Ltd. or otherwise.”

Customers of the cryptocurrency exchange have been looking for ways to withdraw their locked funds since FTX paused withdrawals on November 9, with a lot of the activity going through the Bahamas.

Just a few days after freezing FTX’s assets and suspending its registration in the nation on November 10, the SCB released its most recent statement.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.