Antigua & Barbuda to assist with International Investigations into FTX

The content originally appeared on: News Americas Now

Black Immigrant Daily News

The content originally appeared on: Antigua News Room


Antigua and Barbuda says it will be working with international agencies in their investigations into the collapse of the FTX Cryptocurrency Exchange.

Information Minister Melford Nicholas confirmed the development to journalists at today’s post-cabinet media briefing.

FTX was the third-largest cryptocurrency exchange when it collapsed last month.

The company filed for Chapter 11 bankruptcy protection in the United States on November 10.

Bahamian regulators have seized digital assets of the FTX’s Nassau affiliate FTX Digital Markets Ltd (FDM).

The Bahamas Securities Commission (BSC) transferred all of the digital assets into a wallet it controls for the benefit of clients and creditors of FDM.

The Government of Antigua and Barbuda met with the Solicitor General, the Deputy Solicitor General, a Crown Counsel, Head of the Financial Services Regulatory Commission (FSRC) during yesterday’s cabinet meeting to discuss issues surrounding FTX.

FTX is incorporated in Antigua and Barbuda but it was not granted a license to operate.

“Following vigorous discussions with the lawyers, the Attorney General and the FSRC Officials, the Cabinet concluded that no liability attaches to the State of Antigua and Barbuda,” a statement from the government said.

Nicholas added the FTX collapse is a learning experience for regulatory agencies globally.

“The government has remained transparent and open in this particular matter. We want to assure all our residents and citizens that there is no need to have any fear or feel embarrassed or ashamed.

These things happen in new industries and it’s an opportunity for all of the respective regulatory agencies to learn from the experience and close any doors or improve any regulatory oversight for any future business like this that may be established,” Nicholas stated.