Bahamians didn't want CBDCs So now they're being forced to use them

Regulators in the Bahamas are sick of their citizens' reluctance to adopt a CBDC, so they're forcing commercial banks to get on board.

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Where crypto can grow: Digital asset regulations around the world

While many countries have sped up their efforts to regulate cryptocurrencies following a crisis-filled 2022, most still lack a clear framework for the industry to build around.

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US DOJ Drops Sam Bankman-Fried’s Campaign Finance Charges

The DOJ has dropped political contribution charges against SBF.

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Securities Commission of the Bahamas Puts Forth Stringent Crypto Regulations

The Securities Commission of the Bahamas (SCB) has instituted stringent new regulations for Virtual Assets Service Providers (VASPs) seeking to

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Bahamas to Strengthen Crypto Regulations in Response to Recent FTX Collapse

The Bahamas is proposing tougher regulations to govern digital asset firms five months after the collapse of crypto exchange giant FTX drew the world’s attention [...]

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FTX lawyers: Examiner could cost $100M and ‘provide no benefit’

FTX lawyers, joint provisional liquidators of FTX US and the Bahamas and a committee of creditors have all opposed the appointment of an independent examiner.

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Bahamas regulator denies asking crypto exchange FTX to mint new tokens

Bahamas regulator fights back against being ‘publicly challenged’ by FTX against incorrect calculations of digital assets transferred under its control

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Bahamas Regulator Challenges FTX CEO’s Allegations over Customer Funds

<p>The Securities Commission of The Bahamas (SCB) released a statement on Monday to defend itself against the “material misstatements” made by the newly appointed Chief Executive of FTX, John Ray, who is overseeing the <a href="https://www.financemagnates.com/terms/b/bankruptcy/" target="_blank" id="41b3ef0d-d805-441d-8443-121890264e94_1" class="terms__main-term">bankruptcy</a> proceedings of the <a href="https://www.financemagnates.com/tag/ftx/" target="_blank" rel="follow">collapsed cryptocurrency exchange.</a></p><p>The Bahamas Regulator Challenges FTX's CEO Ray</p><p>The statements came in response to Ray’s challenge against calculating the digital assets held by the Bahamas regulator, which belonged to FTX customers. The SCB last week revealed that it is <a href="https://www.financemagnates.com/cryptocurrency/bahamas-regulator-holds-35-billion-in-ftx-customer-assets/" target="_blank" rel="follow">holding $3.5 billion in digital assets</a> that it obtained from the local entity of FTX with a court order. It said that the challenge to the calculation of digital assets was based on incomplete information.</p><p>Additionally, the Bahamas regulator challenged Ray’s allegations on its order to mint $300 million worth of FTT tokens and the SCB-held tokens of FTX being stolen.</p><p>“The US Debtors’ continued lack of diligence when making [a] public statement concerning the Commission is disappointing, and reflects a cavalier attitude towards the truth and towards The Bahamas that has been displayed by the current officers of the Chapter 11 Debtors from the date of their appointment by Sam Bankman-Fried,” the SCB stated.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Securities Commission of The Bahamas Corrects Material Misstatements made by Chapter 11 Debtors <a href="https://t.co/FkSXEt9fz5">pic.twitter.com/FkSXEt9fz5</a></p>— Securities Commission of The Bahamas (@SCBgov_bs) <a href="https://twitter.com/SCBgov_bs/status/1610084773472485380?ref_src=twsrc%5Etfw">January 3, 2023</a></blockquote><p>A Battle to Control FTX’s Funds</p><p>The FTX fiasco exploded last month, leading to the bankruptcy filing of the crypto exchange and over 130 of its <a href="https://www.financemagnates.com/terms/a/affiliates/" target="_blank" id="dd69a3b8-c999-4378-821f-0d49fbc5743e_1" class="terms__secondary-term">affiliates</a>. Moreover, the exchange was hacked a day after the bankruptcy filing, leading to the theft of at least $372 million in cryptocurrencies. The Bahamas regulator cited the <a href="https://www.financemagnates.com/cryptocurrency/the-bahamas-regulator-justifies-move-to-cease-local-ftx-clients-assets/" target="_blank" rel="follow">cyberattack and other ill practices by FTX leadership</a> to get a court order to get hold of the FTX tokens held by the locally registered entity, which also filed for bankruptcy in the US.</p><p>Celebrities endorsing FTX</p><p>Ray, who replaced Bankman-Fried as FTX's CEO, questioned the Bahamas regulator’s move to obtain the cryptocurrencies last month. On November 30, a group of debtors of FTX and its affiliates sought the <a href="https://www.financemagnates.com/cryptocurrency/ftx-owned-liquid-to-return-customer-funds-next-year/" target="_blank" rel="follow">return of the cryptocurrencies</a> held by the Bahamas regulator, as the digital assets were obtained after the commencement of the bankruptcy proceedings.</p><p>“The FTX Debtors have informed the Bahamas Commission that none of Mr Bankman-Fried, Mr Wang or the Bahamas Commission had a right to take cryptocurrency of the FTX Debtors,” the group stated. However, the Bahamas regulator earlier said that it will only return the funds with a court order.</p> This article was written by Arnab Shome at www.financemagnates.com.

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The Bahamas Regulator Denies Requesting FTX To Manufacture New Tokens

The allegations made by FTX debtors have been rejected by the Securities Commission of The Bahamas (SCB), which also expresses worry over the fact that the inquiry has been hampered. The Securities and Exchange Commission (SCB) had to issue a statement on January 3 clarifying that it had to address significant misstatements made by John J. Ray III. According to the attorneys for FTX, the government of the Bahamas is said to have demanded that Sam Bankman-Fried, the former CEO of FTX, launch a new cryptocurrency that would be controlled by local authorities. (Read More)

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Bahamian Regulators are in Custody of $3.5 Billion Worth of FTX Customer Assets

The Bahamian regulator has said they hold over $3.5 billion in FTX customer funds until a Supreme Court decision.

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Bahamas seized $3.5 billion from FTX to ‘protect customers’ | Invezz

The Bahamas Securities Commission has announced it took custody of over $3.5 billion worth of FTX deposits. According to a press release the BSC published on Thursday, the regulator moved to seize the assets on 12 November, just a day after the cryptocurrency exchange filed for bankruptcy. The seizure was ordered by the Supreme Court ... Read more

<p>The post Bahamas seized $3.5 billion from FTX to ‘protect customers’ | Invezz first appeared on CCNC.</p>

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Bahamas Regulator Holds $3.5 Billion in FTX Customer Assets

<p>On Thursday, the Bahamian Securities Commission revealed its control over more than $3.5 billion worth of cryptocurrencies that belong to FTX customers. The Bahamas regulator obtained these <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/" target="_blank" id="b091101e-6e02-4b36-aa0e-7c972dfdd6ed_2" class="terms__main-term">cryptocurrencies</a> with an order from the country's Supreme Court.</p><p>Bahamas Regulator Is Safekeeping the $3.5B FTX Customer Assets</p><p>The regulator further highlighted that it would continue to hold on to the crypto assets until the order of the Supreme Court to return them to creditors and customers of the collapsed cryptocurrency exchange.</p><p>"The digital assets transferred on 12 November 2022 to digital wallets under the exclusive control the Commission are being held by the Commission on a temporary basis, until such time as The Bahamas Supreme Court directs the Commission to deliver them to the customers and creditors who own them [or to the administrator of the liquidation]," the official press release stated.</p><p>FTX Operated from The Bahamas</p><p>Sam Bankman-Fried and his top associates operated FTX from the Bahamas headquarters. However, the bankruptcy proceedings of FTX, Alameda Research, and over 130 other <a href="https://www.financemagnates.com/terms/a/affiliates/" target="_blank" id="dd69a3b8-c999-4378-821f-0d49fbc5743e_1" class="terms__secondary-term">affiliates</a> were filed in the United States.</p><p>The Bahamas financial market regulator <a href="https://www.financemagnates.com/cryptocurrency/the-bahamas-regulator-orders-ftx-to-transfer-cryptos-to-government-wallets/" target="_blank" rel="follow">obtained control over the customer assets</a> held by the local FTX entity on 12 November following the bankruptcy filing of FTX and its affiliates. However, the regulator insists that a cyber attack on the collapsed exchange that resulted in the <a href="https://www.financemagnates.com/cryptocurrency/us-justice-department-is-probing-400-million-ftx-hack/" target="_blank" rel="follow">theft of at least $372 million worth of cryptocurrencies </a>prompted its decision to get a hold of the FTX customer funds for safekeeping.</p><p>"...the Commission determined that there was a significant risk of imminent dissipation as to the digital assets under the custody or control of FTXDM to the prejudice of its customers and creditors. As a result, in the exercise of its regulatory powers, the Commission requested and obtained a Court order to safeguard the digital assets," the Bahamas regulator added.</p><p>The announcement further highlighted that neither Bankman-Fried nor FTX's Co-Founder and <a href="https://www.financemagnates.com/cryptocurrency/sam-bankman-frieds-two-top-associates-plead-guilty-to-criminal-charges/" target="_blank" rel="follow">former CTO Gary Wang</a> now has access to these customer funds.</p><p>FTX's Super Bowl Ad with Comedian Larry David</p><p>Earlier, the Bahamian Securities Commission also refuted FTX's claims that it ordered the cryptocurrency exchange to prioritize the withdrawals of Bahamas-based clients.</p><p>Meanwhile, the Bahamas' authorities have <a href="https://www.financemagnates.com/cryptocurrency/the-bahamas-will-not-share-information-on-ftx-probe-attorney-general/" target="_blank" rel="follow">opened civil and criminal investigations</a> against the conduct of FTX. The Bahamas police also <a href="https://www.financemagnates.com/cryptocurrency/sam-bankman-fried-arrested-in-the-bahamas-amid-us-criminal-charges/" target="_blank" rel="follow">arrested Bankman-Fried</a> on the island, but that was after the commencement of criminal proceedings against him in the US. He has now been extradited to the US and also is out on a $250 million controversial bail bond.</p> This article was written by Arnab Shome at www.financemagnates.com.

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SBF met with Biden’s senior advisers 2 months before FTX’s collapse: Report

The FTX founder met with senior White House officials at least four times in 2022.

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Community slams NYT for its latest 'sympathy piece' on FTX's Bankman-Fried

The article bizarrely contrasts the alleged fraud carried out by Sam Bankman-Fried with gang violence on the Bahamian island of New Providence.

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SBF’s Desperate Bid; Files Another Bail Application

SBF, former CEO of the now-bankrupt exchange FTX has filed another bail application after being rejected with a similar appeal two days earlier, local media on Dec. 15 reported. In a clear sign of desperation, the disgraced founder submitted a second bail request, which is set for a court hearing on January 17, 2023. After his […]

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SBF Submits Fresh Bahamas Supreme Court Bail Application

Sam Bankman-Fried has allegedly applied for bail again in the Bahamas Supreme Court. Money laundering, wire fraud, and securities fraud are among the eight U.S. allegations against the FTX founder. A court granted bail on December 13 because the crypto executive was a flight risk. On December 15, local media reported that he had filed the application and it will be considered in court in January. (Read More)

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SBF’s Bahamian prison reported for 'harsh' conditions and 'degrading treatment' — US State Dept

Bahamian Commissioner of Correctional Services Doan Cleare reportedly said that most of the facilities had been renovated since 2021 and now had no “issues with rodents."

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FTX Founder Sam Bankman-Fried Denied Bail by Bahamas Authority

Sam Bankman-Fried, the founder of the bankrupt crypto exchange, FTX, has been denied bail by a judge in the Bahamas.

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FTX: SBF’s Arrest Sets The Stage For Extradition To US

FTX’s former CEO Sam Bankman-Fried or SBF would likely be extradited to the US to face criminal charges after the arrest by the Royal Bahamas Police Force. Confirming the news, attorney Andre Damian Williams Jr stated, the Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by […]

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Sam Bankman-Fried Arrested in The Bahamas Amid US Criminal Charges

<p>The Royal Bahamas Police arrested FTX’s founder and former CEO, <a href="https://www.financemagnates.com/cryptocurrency/sam-bankman-fried-finds-attorney-ftx-probes-build-up/" target="_blank" rel="follow">Sam Bankman-Fried</a>, on Monday evening (local time) after criminal charges were filed against him in the United States.</p><p>The United States Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government, requesting for Bankman-Fried arrest. Now, the US authorities are expected to make an extradition request to get the custody of Bankman-Fried from the Bahamas police.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">USA Damian Williams: Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the SDNY. We expect to move to unseal the indictment in the morning and will have more to say at that time.</p>— US Attorney SDNY (@SDNYnews) <a href="https://twitter.com/SDNYnews/status/1602451395910803457?ref_src=twsrc%5Etfw">December 12, 2022</a></blockquote><p>“SBF’s arrest followed receipt of formal notification from the United States that it had filed criminal charges against SBF and is likely to request his extradition,” the Bahamas Police said in a statement.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">??Sam Bankman Fried was just arrested in the Bahamas by the Royal Bahamas Police Force! Faces “likely extradition.” <a href="https://t.co/W4Y8vgPkY3">pic.twitter.com/W4Y8vgPkY3</a></p>— Coffeezilla (@coffeebreak_YT) <a href="https://twitter.com/coffeebreak_YT/status/1602449847948382210?ref_src=twsrc%5Etfw">December 12, 2022</a></blockquote><p>The charges against Bankman-Fried brought by the US attorney are not known yet. However, according to The New York Times, it could include wire fraud, securities fraud, money laundering, and related conspiracy charges. Bankman-Fried is also supposedly the only person named in the US indictment.</p><p>Law Enforcement Are After SBF</p><p>Once regarded as one of the reputed crypto entrepreneurs, Bankman-Fried’s FTX empire collapsed last month when his shady business practices were exposed. He allegedly used customer funds and <a href="https://www.financemagnates.com/cryptocurrency/news/the-block-ceo-resigns-as-tainted-loan-from-bankman-fried-surfaces/" target="_blank" rel="follow">built his businesses</a> with a network of illegitimate loans and leverages. FTX, Alameda Research, and more than 130 other affiliates have now filed for bankruptcy protection.</p><p>Ahead of the arrest, Bankman-Fried was scheduled to <a href="https://www.financemagnates.com/cryptocurrency/sam-bankman-fried-willing-to-testify-before-us-congress-on-dec-13/" target="_blank" rel="follow">testify virtually</a> before the House Financial Services Committee on Tuesday morning, addressing the collapse of FTX. The House Committee’s Chair, Chair Maxine Waters, said she was “surprised to hear” about the arrest, adding: “It’s about time the process to bring Mr. Bankman-Fried to justice has begun… Although Mr. Bankman-Fried must be held accountable, the American public deserves to hear directly from Mr. Bankman-Fried about the actions that’ve harmed over one million people, and wiped out the hard-earned life savings of so many.”</p><p>Meanwhile, the US Securities and Exchange Commission (SEC) is preparing to bring separate charges against Bankman-Fried, Enforcement Director Gurbir Grewal confirmed.</p><p>“We commend our law enforcement partners for working to secure the arrest of Mr. Sam Bankman-Fried in the Bahamas on federal criminal charges,” Grewal said. “The Securities and Exchange Commission has separately authorized charges relating to Mr. Bankman-Fried’s violations of our securities laws, which will be filed publicly tomorrow in the Southern District of New York.”</p><p>The Bahamas law enforcement also brought <a href="https://www.financemagnates.com/cryptocurrency/the-bahamas-will-not-share-information-on-ftx-probe-attorney-general/" target="_blank" rel="follow">civil and criminal charges against FTX</a>. However, details for those have yet to be made public.</p> This article was written by Arnab Shome at www.financemagnates.com.

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