The Bahamian Government Freezes FTX Assets

The Nassau Guardian recently reported that the Securities Commission of the Bahamas, where the failing cryptocurrency exchange FTX is situated had frozen its assets.

The announcement came within hours after FTX enabled restricted withdrawals for a subset of Bahamian clients, raising questions on social media about which customers were given precedence. In addition, FTX said today that it has established an arrangement with Tron to facilitate withdrawals through a complex arbitrage mechanism, which raises further issues.

In related news today, FTX US’s website warned that “trade on FTX US might be suspended in a few days.” It encouraged consumers to “close down any positions,” but added that “withdrawals are and will continue to be available.”

Additionally, the corporation has declared that its equivalent in Japan would restrict trading by entering a close-only mode. This indicates that customers will be unable to establish new jobs and will only be able to terminate existing ones. The Japanese government has mandated that the exchange enter this position.

Tuesday, November 8,, the primary FTX exchange, froze withdrawals due to a bank run. In compliance with local restrictions, withdrawals of Bahamian money began today.

As of 10:30 p.m. UTC on November 8, FTX’s website indicates that account signups and withdrawals are blocked. Additionally, some asset deposits are disallowed.

Sam Bankman-Fried, CEO of FTX, said this morning that his primary trading business, Alameda Research, would cease trading. Soon, Alameda will no longer trade on the FTX, he said.

Also Read: Genesis Trading Reports That Its Derivatives Division Has $175 Million In Its FTX Account

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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