Royal Bahamas Police Force Reveals FTX Is Being Investigated for ‘Criminal Misconduct’

Royal Bahamas Police Force Reveals FTX Is Being Investigated for "Criminal Misconduct"

“A team of financial investigators” are currently investigating the now-defunct crypto exchange FTX, the Royal Bahamas Police Force said in a statement shared on Sunday. The police noted that the financial investigators were searching to see if “any criminal misconduct occurred.” Bahamas Law Enforcement Looks Into FTX Collapse

After the Bahamas securities regulator took action against FTX on Nov. 11, 2022, the country’s Securities Commission updated the public the following day. The regulating entity noted that it did not give permission to FTX to authorize withdrawals for Bahamian customers.

“The Commission wishes to advise that it has not directed, authorized or suggested to FTX Digital Markets Ltd. the prioritization of withdrawals for Bahamian clients,” the Bahamas securities regulator said on Nov. 12. The regulator added: The [Bahamas Securities Commission] does not condone the preferential treatment of any investor or client of FTX Digital Markets Ltd. or otherwise.

Additionally, on Nov. 13, Reuters reported that the Royal Bahamas Police Force commented on the FTX situation and the police said an investigation was underway. “A team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate if any criminal misconduct occurred,” the Bahamian police officer told the news outlet.

The news publication reached out to FTX and executives did not “immediately respond to Reuters’ request for a comment.” The news follows FTX Digital Markets Ltd. filing for bankruptcy with Alameda Research and 134 other companies. One company further explained that they were “erroneously included” in FTX’s Chapter 11 filing.

Some have accused Sam Bankman-Fried (SBF) of playing the game “League of Legends, while FTX crumbles around him.” Cointelegraph reported that SBF and members of his inner circle may be under supervision by the local authorities. A flight radar report had shown SBF’s private jet flew to Argentina on Nov. 12. Tags in this story Alameda Research, bahamas, Bahamas police, Bahamas regulators, FTX collapse, FTX Digital Markets Ltd, FTX insolvency, FTX situation, FTX’s Chapter 11 filing, League of Legends, Royal Bahamas Police Force, Sam Bankman-Fried, sbf

What do you think about the Royal Bahamas Police Force commenting on the FTX situation? Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. FTX CEO Confirms Reports of "Unauthorized Access to Certain Assets," Team Is "Coordinating With Law Enforcement" NEWS | 1 day ago Hedge Fund Galois Capital Discloses "Roughly Half" of the Firm"s Capital "Stuck on FTX" NEWS | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Giongi63 / Shutterstock.com Previous articleSBF’s ‘Truly Trustless’ Protocol — Serum’s Upgrade Authority May Be Tainted, Devs Look to Fork Project Next articleBank of Russia Sets Out to Regulate Digital Asset Taxation, Exchange, Still Opposed to Crypto Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing