The Bahamas regulator detailed that “given the magnitude” of the events surrounding FTX, authorities recognized they had to “move swiftly.”
On Nov. 14, 2022, the Securities Commission of the Bahamas published a press release that explains the ‘Big Four’ accounting firm PWC has been designated as provisional liquidator in the FTX investigation. The SCB detailed that “given the magnitude” of the events surrounding FTX, the Bahamas regulator recognized that it had to “move swiftly.
The SCB further noted that it is working with “other super supervisory authorities” in regard to the FTX fallout. “Over the coming days and weeks, the commission expects to engage with other supervisory authorities on a regulator-to-regulator basis as this event is multijurisdictional in nature,” the SCB detailed on Monday. Additionally, the securities regulator said that the case needed to be expedited because of the implications and magnitude of FTX’s collapse.
“Given the magnitude, urgency, and international implications of the unfolding events with regard to FTX, the commission recognized that it had to, and moved swiftly to use its regulatory powers under the Digital Assets and Registered Exchanges Act, 2020 to further protect the interests of clients, creditors, and other stakeholders globally of FTX Digital Markets Ltd. ,” the securities regulator explained.
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