The Bahamas Securities Commission has announced that it will freeze FTX Digital Markets assets. An attorney has been appointed as a provisional liquidator to determine whether the company is sound or should be liquidated. FTX Digital Markets is the Bahamian subsidiary of FTX Trading, operating as FTX.com. The unit purportedly helped affiliates offer derivatives, options, and other products and services to customers.
According to Bloomberg Law, the move by the Bahamas commission was the first by authorities to lock down parts of FTX amid signs of stress in founder Sam Bankman-Fried's crumbled digital-asset empire.
Bankman-Fried announced that he is closing Alameda Research, the trading house at the heart of his sprawling collection of businesses. Additionally, according to Bloomberg Law, Bankman-Fried is being investigated by the Securities and Exchange Commission (SEC) for potential violations of securities rules. FTX entities recently filed for bankruptcy.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.