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FTX investigated by Bahamas police for possible misconduct

FTX probed by Bahamas police in the weekend
FTX probed by Bahamas police in the weekend

Image source: Yahoo News

FTX has been on thin ice in the last few weeks, and the Securities Commission of The Bahamas has taken action.

The crypto exchange’s headquarters in the Bahamas had its assets frozen last Thursday.

In addition, the Securities Commission of The Bahamas called for a liquidator as the local police force is now involved.

The news

The Royal Bahamas Police Force (RBPF) released a statement on Sunday morning, writing:

“In light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd., 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.”

An RBPF spokesperson did not confirm if the new investigation is a direct response to a Friday night event.

More than $650 in funds left FTX in a series of transfers that FTX US general counsel Ryne Miller says were “unauthorized.”

Read also: Sam Bankman-Fried puts out Argentina rumors


FTX transferred its headquarters from Hong Kong to the Bahamas in September, where crypto is more accepted.

According to Sam Bankman-Fried, the founder of FTX, the Caribbean tax haven had more regulatory clarity compared to Hong Kong.

He also said the Bahamas was a better spot for business.

Read also: Sam Bankman-Fried suffers biggest loss in a day

The Bahamas

The crypto-friendly country is easily one of the ideal places for crypto businesses.

In 2020, it became one of the first countries to launch its own central bank digital currency or CBDC.

CBDCs are digital, government-controlled versions of the country’s native dollar.

Sam Bankman-Fried lives in the Bahamas and reportedly resides in a mansion with ten friends and colleagues.

Last Saturday, he told Reuters that he was still in the Caribbean, putting rest to Crypto Twitter rumors that he took a plane to Argentina.

According to Bloomberg, Sam Bankman-Fried was questioned by the Bahamas police on Saturday night.


Bahamas police are investigating potential ‘criminal misconduct’ by FTX

Opinions expressed by Coin Week contributors are their own.