The Attorney General of the Bahamas has criticized the comments of FTX CEO John Ray on the regulator’s actions. He also said that the exchange collapsed due to internal trading failures.
The Attorney General of The Bahamas addressed the nation on the FTX incident in a speech criticized by the crypto community.
Ryan Pinder said during the speech that the Bahamas was a “place of law” and that Alameda lacked regulation in the country. However, the crypto community believes that the speech was too complimentary for the Bahamas and did little to address concerns surrounding FTX.
Pinder called the case an “internal business failure partly due to questionable internal practices” and effectively said the authorities acted swiftly. crypto community commented It was an attempt to make the country appear good for business despite the incident.
The speech did not include misappropriation of user funds, and overall, the crypto community called it an advertisement for the Bahamas. Pinder also said that John Ray, the new FTX CEO, spoke casually. He referred to Ray’s statement on the regulator’s request for unauthorized access to FTX.
The Securities Commission of the Bahamas (SCB) previously rejected Ray’s claims that he tried to gain unauthorized access. The SCB also presented a picture of adequate response to the incident.
Bahamian authorities put the blame on FTX
Pindar directly attributed its internal failures to the FTX incident. Pindar was also adamant that the exchange was under regulatory scrutiny, saying,
“We are shocked by the ignorance of those who claim that FTX came to the Bahamas because they did not want to submit to regulatory scrutiny. Indeed, the world is full of countries that have no legislative framework on crypto and digital asset trading. or regulatory authority, but the Bahamas is not one of these countries.
The address refers to FTX founder Sam Bankman-Fried only once in the 20-minute run-time. Perhaps most interestingly, Pinder worked for a bank affiliated with Tether called Deltec.
The drama continues as there is more development
The developments coming out of the FTX saga have been nearly endless over the past week, with several dramatic revelations being made. Blockchain analytical firm Arkham Intelligence revealed that Alameda Research withdrew over $200 million from FTX.US ahead of its bankruptcy filing.
There have also been reports that FTX acquired an $11.5 million stake in a small US bank in order to bypass the license acquisition process. Meanwhile, streaming giants FTX are fighting for the rights to the saga.
All information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.