A Bahamian Civil and Criminal Investigation into the FTX Scandal

A Bahamian investigation into the FTX Exchange is underway. The involvement of the Securities Commission alongside the Prime Minister’s financial intelligence unit and financial crimes unit are partnering up in this investigation.

A national inquiry into one the biggest Crypto scandals is taking place right now, investigating the fall of FTX Exchange as well as questionable transfers of large sums of cryptocurrencies. The Attorney General of the Bahamas and the Minister of Legal Affairs have both confirmed that the collapse of the platform is the focus of an active investigation by authorities.

The Minister of Legal Affairs, Pinder delivered a national statement concerning the case on his ministries Facebook page noting that the affairs of the FTX Digital Markets are under scrutiny from both civil and criminal authorities. He continues to say that, "The Securities Commission, our financial intelligence unit, and the financial crimes unit of the Royal Bahamas Police Force will continue to investigate the facts and circumstances regarding FTX's insolvency crisis and any potential violations of Bahamian law."

The authorities leading the investigation also noted that they would hold accountable individuals or companies that are found to do any illegal or commit any wrongdoing during their investigation.

"These events remind us of the lessons learned from securities and other financial regulation about the need for strong cross-border cooperation. The public worldwide will be best served by a strong international regulatory cooperation."

A series of events have taken place since the investigation commenced. FTX’s license was revoked. Ordered to halt business and stripped its director of power on November 10th. Two days later, the commission ordered FTX to transfer all FDM digital assets to their own digital wallet for safekeeping.

On the Facebook live broadcast, Pinder also mentioned that the Bahamian regulatory authority has taken additional protection measures which were already approved by the Supreme Court, however details of these measures are currently not revealed to the public. Pinder said that these finding will be revealed when, "we are confident that doing so will not jeopardize any aspect of the ongoing investigations."

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