The Attorney General refutes the notion that the government had any part in the implosion, which has drawn criticism.
The Bahamas have been successful in luring a number of digital asset companies who are eager to establish operations in the Caribbean.

The finger-pointing continues weeks after the collapse of FTX, with some accusing fingers being pointed at the Bahamas. However, the Attorney General of the Bahamas has vigorously refuted any charges of misconduct in the case.

The allegations that the Bahamas were involved in the circumstances that led to the collapse of FTX have been refuted by the Attorney General of the Bahamas, Ryan Pinder. Pinder made the revelations in a speech that lasted for twenty-three minutes during which he sought to set the record right and describe in detail the procedures that the administration took after the collapse.

"We understand the enormous interest that has been shown in this story, but as a government, we decided right away that what was most important was not to engage with speculation or gossip, but rather to proceed methodically and deliberately in accordance with the exercise of due process and the rule of law," said Pinder. "We are committed to adhering to the rule of law in all of our dealings with this matter."

Pinder revealed that both the country's watchdog for securities and the financial authorities had begun investigations into FTX on the suspicion that the company had violated Bahamian laws. Aside from criminal investigations, civil authorities are also examining the activities made by the primary members of the digital asset exchange that is currently under scrutiny.

A few days after the collapse, the Securities Commission of The Bahamas terminated the company's license to operate in the nation and ordered that any funds that were still in existence be moved to a digital wallet that was managed by the agency for the purpose of safekeeping.

"These occurrences remind us of the lessons gained from securities and other financial regulations about the necessity for robust cross-border collaboration," said Pinder. "These events remind us of the lessons learnt from securities and other financial laws." "A robust international regulatory collaboration will be of the greatest benefit to the general public on a global scale."

Taking care not to throw off the course of the inquiry
Pinder disclosed that he would be unable to provide any further information on the steps taken by the government against the commission as a result of the current investigations. In addition, the AG stated that investigating authorities in other countries should exhibit "control in their public opinion" in order to prevent the procedure from being harmed in any way.

In the Chapter 11 bankruptcy filings made by FTX's new CEO, he claimed that the Bahamian government had directed unauthorized access to the Debtors' system. He did this by poking holes in those claims. Pinder described the claims as "extremely regrettable" because of the manner in which they minimized the prompt actions taken by the securities watchdog after the collapse.

Pinder continued by saying that it "would be a gross oversimplification of reality" to try to blame the entire collapse on the Bahamas due to the fact that FTX is headquartered on the island. The Attorney General took advantage of the opportunity to restate that the Bahamas is still a secure location in which to invest and conduct business; however, it is without a doubt the case that the FTX scandal has dampened investors' enthusiasm.