The Bahamas has hit out at 'extremely regrettable' criticism from FTX's new CEO after the Nassau-based crypto giant collapsed

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Sam Bankman-Fried and a Bahamas government building in Nassau. Tom Williams/CQ-Roll Call, Inc via Getty Images; Walter Bibikow/Getty Images
After FTX went bankrupt, the Bahamas suspended their license and took control of their digital assets.
But the island nation has fired back at allegations that its regulations are not up to date.
The Attorney General of the Bahamas accused the FTX CEO of "false allegations" in his court filings.
The collapse of Bahamas-based FTX has prompted the island nation to defend its crypto laws and criticize FTX's new CEO, John J. Ray III.
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After the crypto exchange founded by Sam Bankman-Fried went bankrupt in early November, the Bahamas suspended FTX's license and took control of its digital assets, transferring them to a state-owned crypto wallet.
In a video statement Sunday, Bahamas Attorney General Ryan Pinder targeted Ray for bankruptcy court filings related to the country's actions against FTX.
Pinder said it was "extremely unfortunate" that Ray "misrepresented" the timely action" of Bahamian regulators and accused him of making "false allegations".
He added that the Bahamas Securities Commission "deserves the highest praise for acting so swiftly and decisively in its liquidation process against FTX."
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Ray is also known for serving as the CEO of energy giant Enron and handling its liquidation following accounting fraud. Upon taking control of FTX, he said, "Never in my career have I seen such a complete failure of corporate controls and a complete lack of trustworthy financial information as here."
Pinder hit back at allegations that the Bahamas failed to properly regulate the cryptocurrency amid the FTX cases. He said, "The world is full of countries that have no legislature or regulator for the crypto and digital asset business, but I have to say the Bahamas is not one of those countries."
The Caribbean nation has established itself as a crypto hub despite a population of just 400,000. Bankman-Fried previously told Blockworks that FTX moved there because of “the proactive stance on cryptocurrency by the Bahamas and its regulators.”
The Bahamas is also home to Deltec Bank, which holds $15 billion in reserves for Tether, a U.S. dollar-pegged stablecoin, in 2021, according to Bloomberg.
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Pinder also hinted that FTX's legal strategy and "excessive statements" may have been driven by "the prospect of multimillion-dollar attorney and consultant fees."
"In any event, we urge caution and accuracy in all future submissions," he added.
FTX's bankruptcy has prompted calls for tougher crypto regulations from both US Senators and the Bank of England.
An FTX attorney previously said the company spent nearly $300 million on luxury executive homes in the Bahamas, while Fox Business reported that Bankman-Fried often bought $2,500 lunches at a bistro.
Read the original article on Business Insider
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