FTX Ordered to Pay Reimbursement Fees to Bahamian Regulators

Bahamian securities regulator ordered to offer custody of digital assets belonging to bankrupt crypto exchange FTX November 12.

The problems of bankrupt cryptocurrency exchange FTX continue to worsen with each passing day, with the latest coming from the Bahamas, once it is headquartered.

The Supreme Court of the Bahamas issued an order in favor of the Securities Commission on November 21, ordering the struggling crypto exchange to pay a reimbursement fee to the regulator for holding its digital assets after it filed for report on November 11.

The Supreme Court placed FTX's digital assets under the supervision of the Securities Commission on November 12. The commission, in its public notice, acknowledged the judgment and noted that all refunds would be made after Supreme Court approval. The official statement obtained by Cointelegraph reads:

“The order obtained today confirms that the Commission is entitled to compensation under the law and that FDM will ultimately bear the costs incurred by the Commission in protecting these assets for the benefit of customers and of FDM's creditors, in a manner similar to the other normal costs of administering FDM's assets for the benefit of its customers and creditors.”

The Bahamian Securities Commission's Digital Asset Custody Services for FTX has also fueled conspiracies suggesting the commission was behind the hack of several FTX wallets. However, black hat money transfer models involved money laundering techniques, which eliminated the chances that a government agency was behind the hack.

Related: SBF and FTX Executives Reportedly Spent Millions on Bahamas Properties

FTX's bankruptcy filing exposed several financial holes in the disgraced crypto exchange's balance sheet.