Bahamas Securities Commission Rejects Current FTX CEO's Insolvency Coordination Allegation That Bahamian Officials Collaborated With SBF

The Securities Commission of the Bahamas has rejected allegations by current FTX CEO John Ray III that Bahamian officials worked with the SBF to protect the assets of bankrupt crypto exchange FTX from U.S. bankruptcy proceedings, The Block reported. The Bahamian regulator issued a statement saying Ray cited redacted email communications between the SBF and Bahamian officials to create the appearance of communication between the SBF and the Commission. Ray is aware of the full emails showing SBF admitting he failed to notify the Securities Commission. In its response, the Bahamian regulator said the major misstatements made by John J Ray III appeared to have nothing to do with fact, but rather to grab headlines and advance a questionable agenda. Ray's filing "continues to erroneously confuse" the Bahamian government, commission and court-approved liquidators. The Bahamas Securities Commission also noted that it continues to investigate FTX’s failures and is cooperating with domestic and foreign law enforcement and regulators, and that those found to have engaged in misconduct will be held accountable under Bahamian law. Foresight News previously reported that FTX’s current CEO, John Ray III, said that Bahamian officials and SBF’s lawyers may have violated U.S. law by keeping a large amount of assets outside of Chapter 11 bankruptcy proceedings, and that the Bahamian government and the Bahamian Securities Commission may help.