The Attorney General of the Bahamas , L. Ryan Pinder , released a video assertion on Sunday dark about the investigation into crypto platform FTX , which was base in the Bahamas before it go off in the beginning this calendar month , taking billions of dollars with it . And at least one matter is clear : Pinder love investors in FTX think the government in the Bahamas did n’t do its problem .
Pinder go on the defensive in the young video , insisting the Bahamian rule of law is strong and that other commonwealth have also seen crypto company fail in spectacular mode latterly ( he ’s not wrong there ) . But Pinder did n’t tip his hand about what might befall to Sam Bankman - Fried , the FTX founder ordinarily know as SBF , who ’s reportedly still living in the island nation .
“ The Bahamas is a place of law . The rule of jurisprudence and the exercise of due process characterize the integrity of our jurisdiction , ” Pinder said spread out his 23 - minute picture , which was streamed onFacebook . FTX filed for bankruptcy over two weeks ago in Delaware motor inn . Bahamian regulators have challenged that filing , arguing that FTX was not legally permitted to register for bankruptcy in the U.S. and that at least part of the shakeup of the troupe falls under their self-assurance .
FTX founder Sam Bankman-Fried in a file photo from May 2022 (left) and Bahamas Attorney General L. Ryan Pinder in a Facebook video stream Sunday night (right).Image: Tom Williams/CQ-Roll Call / Screenshot from Facebook
The Bahamas is infamous as a tax harbor for the extremist - loaded from around the world and has been actively courting crypto companies in late years to mark up shop in the former British settlement .
Many in the crypto worldly concern are marvel why Sam Bankman - Fried is still know as a free valet de chambre in the Bahamas . Bankman - Fried reportedly was using customer deposits from FTX to make high-risk investments via his hedgerow investment company Alameda Research , apparently fall behind billions of dollar in the process . Bankman - Fried has more or lessadmitted to the behaviorin medium audience and tweet , though doubtfulness of precise amount and where all that money went are still unanswered .
Pinder was quick to observe during his video flow that Alameda Research was n’t regulated in the Bahamas , unlike FTX , which was registered to do line of work there . Pinder also praised the Bahamas Securities Commission for strike “ swiftly ” to freeze FTX ’s business concern license and appoint manslayer in the company , which was only recently valued at $ 32 billion .
“ The Commission was the first governor in the reality to take important steps with respect to the FTX grouping of companies , ” Pinder said , referring to the gaining control of cryptocurrencies held by FTX .
But Pinder say the “ introductory facts ” of the event have been “ confuse by guessing game and rumors . ” Pinder keep insisting that his office is in the “ early stage ” of its “ very complex ” investigating into FTX .
“ We translate the tremendous interest group in this story , but as a government we decide in good order away that what was most important was not to engage in speculation or chit-chat , but alternatively to proceed methodically and deliberately in conformity with the exercise of due cognitive operation and the linguistic rule of law , ” Pinder said .
Pinder characterise the cryptocurrency industry as only a new frontier that was bound to live difficulties in its former eld . But with billions of very real dollars miss , it ’s hard to find much sympathy among FTX depositors who thought they were clothe in a good weapons platform . FTX even bought TV ads during the Super Bowl have Larry David , run even more people to believe the company was a safe place to park their money . David and other celebrities like Tom Brady and Gisele Bundchen were suedfor their involvement in the caller ’s marketing before the Thanksgiving holiday .
“ There is still no agreed upon banner globally , ” Pinder remark for the crypto diligence . “ regulator from around the creation are still grappling with how to regulate digital plus . ”
Pinder repeatedly said that FTX was engage in quite a little of other jurisdictions , seek to suggest that other governments around the world should have been observe an centre on things before FTX filed for failure , even though his own nation has petitioned for potency over said bankruptcy filing .
“ Any attempt to lay the entirety of this debacle at the animal foot of the Bahamas because FTX is headquartered here would be a everlasting simplism of reality , ” Pindersaid .
In fact , Pinder expend the vast majority of his clock time on Sunday night insisting that the Bahamas is a reputable place to do commercial enterprise , with a inviolable legal fabric to handle with bad histrion . But it all sounded a bit like someone insisting just how honest they are when you did n’t really ask . reliable people loosely do n’t spend all day insisting they never secern lies .
“ We have been shocked at the ignorance of those who verify FTX do to the Bahamas because they did not want to charge to regulatory scrutiny . In fact , the humankind is full of countries which there is no legislative regulative authority over the crypto and digital asset business , ” Pinder said , clearly getting worked up .
Attorney General Pinder may as well have worn a shirt reading , “ the Bahamas is not involved in crypto laundering , ” a move sure to bring forth questions alreadyanswered by his shirt .
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