Ryan Pinder, who serves as both a senator and minister of legal affairs, has given investors and visitors the assurance that The Bahamas is a secure destination for doing both travel and commerce. During the course of his 23-minute prerecorded statement, he not only addressed the collapse of the FTX but also discussed the actions taken by the government of the Bahamas.
Pinder stated that the Securities Commission, our financial intelligence unit, and the financial crimes unit of the Royal Bahamas police force will continue their investigations into the facts and circumstances surrounding FTX's insolvency crisis and any potential violations of Bahamian law. He was speaking in reference to the actions that have been taken against FTX.
Pinder spent the most of his speech arguing that The Bahamas' regulatory structure is sufficient to adequately oversee the cryptocurrency business. This was the primary focus of his remarks. He went on to say that there are no worldwide standards for the regulation of cryptocurrencies, and that no other authority could move as quickly as the Securities Commission does.
He went on to say that he was astounded by the level of ignorance displayed by those who asserted that FTX had chosen to relocate to the Bahamas in order to escape coming under the scrutiny of regulatory authorities.
The Bahamas government does not recognize Alameda Research as a registered company.
Although Pinder claimed that FTX was a legitimate corporation in the Bahamas, he also stated that Alameda Research did not have the necessary permits to engage in any kind of commercial activity in that country. If it turns out that the corporation has engaged in any questionable business practices, then Alameda will be subject to the same restrictions as well.
In spite of the fact that some people have made assertions to the contrary, it has also been said that Sam Bankman-Fried and Alameda participated in leveraged arbitrage trades with a daily value of up to $25 million. The website crunchbase.com features a significant number of Alameda-connected portfolio companies as featured companies.
In addition, on November 2, 2022, Coindesk revealed Alameda's financial sheet, in which they discovered that, in contrast to other assets owned by the firm, Alameda maintained a portion of FTX (FTT) tokens. This was something that Coindesk found interesting.
As a consequence of the FTX catastrophe, the cryptoverse is still in a state of shock. After the liquidity crisis, the exchange's balance sheet has a hole that is six billion dollars in size. On November 11, the corporation initiated the bankruptcy process by filing a Chapter 11 petition. Soon after that, Sam Bankman-Fried, the founder of FTX, announced that he would be stepping down from his position as CEO and passing over the reins to John J. Ray III.