The Turkish government has launched an investigation into the former chief executive of cryptocurrency exchange FTX, Sam Bankman-Fried. According to local media, authorities in Ankara have also seized assets belonging to the founder of the troubled coin trading platform.
Turkey’s Financial Intelligence Unit Launches Another Investigation Related to FTX
Financial regulators in Turkey have begun investigating the founder and former CEO of cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), for alleged fraud. The move follows the opening in mid-November of an investigation into the collapse of the company, which also operated a Turkish platform.
Both investigations are being conducted by the National Financial Crimes Investigation Commission (MASAK), a department under the Ministry of Treasury and Finance. As part of these, authorities seized assets of SBF and other affiliates, Anadolu Agency reported on Wednesday.
Commenting on the case, Turkish Finance Minister Nureddin Nebati highlighted the risks that digitalization has brought as well as the opportunities, warning that the cryptocurrency market should be approached with “maximum caution”.
Amid skyrocketing inflation of the national fiat currency, the lira, many Turks have invested money in crypto assets over the past few years to preserve their savings. However, domestic trading platform failures and scams, as well as the ongoing crypto winter, have hurt Turkish investors.
FTX, which was one of the world’s leading crypto exchanges, filed for Chapter 11 bankruptcy protection in the United States on November 11, after struggling with liquidity issues, and is now in administration. voluntary. Bankman-Fried resigned and the group’s new management laid off three other senior executives.
In addition to Turkey, the FTX group of companies is currently under investigation in a number of other jurisdictions, including the United States, the Bahamas, where it was headquartered, and Japan. The exchange and its subsidiaries also had their licenses suspended in several markets. According to a recent report, Bahamian authorities may extradite SBF to the United States for questioning.
Do you expect financial authorities in other countries to investigate former FTX CEO Sam Bankman-Fried? Tell us in the comments section below.
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