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Securities Commission of The Bahamas: Never implied, authorized FTX to withdraw funds for Bahamian users

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Securities Commission of The Bahamas: Never implied, authorized FTX to withdraw funds for Bahamian users

FTX officially cited compliance with regulatory requirements as the reason for allowing Bahamian users to withdraw funds in advance, but this move has been publicly denied by the regulatory authorities in the Bahamas.

The Bahamas - Withdrawals Begin on 11/11

According to official tweets from FTX and previous reports:

In accordance with Bahamian regulatory requirements, we have commenced assisting with withdrawals in The Bahamas. You might have seen FTX processing withdrawals recently as we comply with regulatory requirements. The total amount of withdrawals represents only a small portion of our held assets. We are actively exploring other channels to provide withdrawal services to our other users and are investigating what we can and should do in various countries worldwide.

Furthermore, since the withdrawal channel in The Bahamas is connected to the FTX main site, there are Bahamian accounts selling NFTs on the platform, allowing funds to be transferred by other users through purchasing, facilitating withdrawals for other users.

FTX has subsequently suspended NFT deposits and minting functions.

Bahamian Authorities Deny

The Securities Commission of The Bahamas (SCB) tweeted:

The Commission wishes to advise that it has not suggested, authorized, or endorsed FTX Digital Markets Ltd. for preferential withdrawals for Bahamian users. Such transactions may be unwound under insolvency regimes, potentially resulting in the loss of Bahamian user funds. Under no circumstances does the Commission allow FTX, any investor, or user to be given special treatment.