Bahamas Denies Allegations Of Cooperation With SBF During FTX Bankruptcy
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The Securities Commission of the Bahamas has rejected claims that it cooperated with FTX CEO John Ray’s SBF in the bankruptcy of crypto exchange FTX. The agency said that the edited emails as evidence would be highly misleading.
According to The Block, the Securities and Exchange Commission of the Bahamas has denied the accusations made by the current CEO of FTX, John Ray III. The charges allege that the country’s officials worked with the SBF to protect the assets of the bankrupt crypto exchange FTX from US bankruptcy proceedings.
The Bahamas regulator released a statement saying Ray cited redacted email communications between the SBF and Bahamian officials to create the communication form between the SBF and the Commission. Ray was aware of the entire email showing the SBF admitting that he had failed to notify the Securities and Exchange Commission.
“These redactions are disturbing as Mr. Ray is aware that the full email reveals Mr. Bankman-Fried’s acknowledgment that he had ‘not briefed the Securities Commission,”The commission said
The regulator also said that the major errors made by John J Ray III appear to have nothing to do with reality, but “to create a false impression of communications between Mr. Bankman-Fried and the Commission”. This is considered very dangerous and causes great confusion about their actions in this regard.
The Bahamas Securities Commission also noted that it continues to investigate the failures of FTX and is cooperating with regulators and law enforcement at home and abroad, and those found to have engaged in misconduct will be held accountable under Bahamas law.
As previously reported, in a court document, FTX’s restructuring team in the US accused the Bahamian government of interfering in the US restructuring process.
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