National

DPM Confident in Securities Commission

NASSAU, BAHAMAS – Deputy Prime Minister Chester Cooper today expressing confidence in the Commission as the regulators.

Published

1 year ago

November 15, 2022

Jameelha Missick

NASSAU, BAHAMAS – Investigations continue into the collapse of the fourth largest crypto exchange, FTX, which moved its headquarters here this year.

Deputy Prime Minister Chester Cooper today expressing confidence in the Commission as the regulators.

The Securities Commission of The Bahamas is the lead authority in the country conducting investigations into the events and parties surrounding the FTX debacle.

As for whether or not he believes there will be a negative impact on The Bahamas given the way the country’s reputation is being portrayed in international media, Cooper was optimistic.

In a release, the Commission says given the magnitude, urgency, and international implications of the unfolding events surrounding FTX, it recognized that it had to, and moved swiftly to use its regulatory powers under the Digital Assets and Registered Exchanges Act, 2020 (“DARE Act”) to further protect the interests of clients, creditors, and other stakeholders globally of FTX Digital Markets Ltd.

As to whether the former CEO Sam Bankman-Fried has been detained or if any complaints have been filed with the Royal Bahamas Police Force against him, National Security Minister Wayne Munroe said the police have not arrested anyone in relation to the matter.