A host country’s regulatory body strongly objects to a statement purportedly credited to it by a once foremost cryptocurrency firm.
According to an order from the Securities Commission of Bahamas (SCB), Bahamians who recently withdrew money through FTX may not be permitted to keep it and may have to refund it. The commission is distancing itself from a claim made on Twitter by the struggling cryptocurrency exchange FTX that claims SCB gave its consent for it to permit customers in the Caribbean country to withdraw their money. The body is essentially asserting that it never ordered FTX to give the nation’s clients any special consideration in this regard. FTX’s halting of customers’ access to funds pullout on Nov 9 created suspense and anxiety as they looked for other options, they could rely on to recover their ostensibly stranded funds.
The Trajectory to the Current Debacle
By Nov. 10, the commission had frozen FTX interests, preventing any further registration of the company in the nation. The rights of several of FTX’s top executives were also somewhat restricted. The following day’s (Nov. 11) crypto exchange assertion only served to embolden the exchange’s non-Bahamian users, who saw it as a chance to reclaim their funds. They even went so far as to buy non-fungible tokens (NFTs) on cryptocurrency accounts and entice FTX officials with alluring offers to help them change their country of identity to the Bahamas.
