Ryan Pinder, Bahamian Attorney General, in defending the island’s actions in the wake of FTX’s collapse said Bahamas “is a nation of laws”. He tried to reassure investors and tourists that the country was a safe place to both visit and operate a business.
Following the collapse of Sam Bankman-Fried’s crypto exchange, the Securities Commission of the Bahamas moved swiftly. It suspended FTX Digital Markets’ license and appointed provisional liquidators and went on to secure FTX Digital Markets’ assets on behalf of and for the benefit and restitution of clients and creditors of FTX.
Pinder said its important to share what took place. He highlighted that the basic facts have been obscured by guessing games and rumors. Pinder said the Bahamian government understands the enormous interest in this story and has decided to stay away, and not engage in speculation or gossip. The government wants to proceed methodically and deliberately in accordance with the exercise of due process and the rule of law.
The attorney general reiterated that the Bahamas would not share more information about ongoing civil and criminal investigations for fear of compromising them. Pinder also shared concerns that FTX’s new CEO John Ray III misrepresented the government’s actions. FTX’s CEO and attorneys had accused The Bahamas’ government, in a court filing, of ordering unauthorized transactions. The Bahamian commission said the actions were to protect FTX’s funds.
Pinder urged authorities to exercise at least the same amount of prudence and restraint in their public commentary in an effort to not prejudice any of the ongoing proceedings.
