Bahamas AG Rejects “Reckless” Remarks by New FTX CEO

The Attorney General of the Bahamas criticized FTX CEO John Ray’s remarks about the regulator’s actions. He also said the stock market crashed due to internal trading failures.

The Attorney General of the Bahamas addressed the country on the FTX incident in a speech criticized by the crypto community.

Ryan Pinder said during his speech that the Bahamas is a “place of law” and that Alameda lacks regulation in the country. However, the crypto community feels the speech was too laudable for the Bahamas and did little to address concerns about FTX.

Pinder called the case an “internal corporate failure partly due to questionable internal practices” and effectively said authorities acted quickly. The crypto community noticed it was an attempt to make the country look good for business despite the incident.

The speech did not cover the embezzlement of user funds, and the crypto community as a whole called it publicity for the Bahamas. Pinder also said new FTX CEO John Ray spoke recklessly. He referenced Ray’s statement on the regulator’s request for unauthorized access to FTX.

The Bahamas Securities Commission (SCB) had previously dismissed Ray’s claims that she had attempted to gain this unauthorized access. The SCB also painted a picture of its adequate response to the incident.

Bahamian authorities accuse FTX

Pinder blamed the FTX incident squarely on its internal failures. Pinder was also adamant that the exchange was subject to regulatory review, stating:

“We were shocked by the ignorance of those who claim that FTX came to the Bahamas because they did not want to submit to regulatory scrutiny. In fact, the world is full of countries in which there is no legislative authority or regulatory on the crypto and digital asset sector, but the Bahamas is not one of these countries.

The address referenced FTX founder Sam Bankman-Fried only once during its 20-minute run. Perhaps most interestingly, Pinder worked for a Tether-associated bank called Deltec.

The drama continues as further developments take place

The developments stemming from the FTX saga have been virtually endless over the past week, with several dramatic reveals. Blockchain analytics firm Arkham Intelligence has revealed that Alameda Research withdrew more than $200 million from FTX.US before the bankruptcy filing.

It was also reported that FTX secured an $11.5 million stake in a small US bank to circumvent the license acquisition process. Meanwhile, the streaming giants are battling for the rights to the FTX saga.


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