Bahamian Regulator: FTX assets currently under custody will eventually be distributed to creditors and customers

BlockBeats, December 14, in a press release sent to Cointelegraph, the Securities Commission of the Bahamas stated that it was among the first regulators to take tough action against the failed FTX exchange and its CEO. Regarding the $400m of crypto assets currently held in escrow by a third party in the Bahamas, the agency responded that "the Commission holds these assets solely as fiduciary (in accordance with Bahamian law) and they will ultimately be distributed to FTX's creditors and customers wherever they are located, as directed by the court". In addition, the Bahamian regulator said FTX's new CEO, John J. Ray III, created a false impression of communication between SBF and officials and asked Ray and his representatives not to "obstruct the investigation."