FTX’s fight with the Bahamas puts client crypto in limbo

FTX’s collapse has put its new leadership at odds with Bahamian regulators over who should control billions of poorly documented cash and cryptocurrency assets that are currently beyond the reach of customers.

The Bahamas Securities Commission Liquidators were installed in the Bahamas-based unit FTX Digital Markets Ltd. last week to recover its assets and deposits from other FTX entities after it was deemed insolvent. Bahamian regulators said on Thursday they had transferred the assets of the local subsidiary to a government-controlled wallet “for safekeeping” and to protect the interests of customers and creditors.


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