Court Orders FTX To Reimburse Bahamas Regulators For Holding Its Assets

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Sam Bankman-Fried; Photo Source: The Business Journals
According to the Court order, “The Commission is entitled to be indemnified under the law and FDM (FTX Digital Markets) shall ultimately bear the costs the Commission incurs in safeguarding those assets for the benefit of FDM’s customers and creditors.”

The Supreme Court of Bahamas ordered FTX to pay reimbursement fees to the Securities Commission of the Bahamas for holding the firm’s digital assets since November 11. It emphasized that all payments will be made only after the Supreme Court grants its approval. 

The announcement has increased FTX’s woes as the exchange already owes over $3B in liabilities to its top 50 creditors. 



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Meanwhile, a recent court filing stated that Sam Bankman-Fried and three former FTX executives will not receive any compensation from the company. 

The officials presiding over the FTX case have also agreed to move it from New York to Delaware to avoid potential conflicts in court rulings.

Written by
Ayush Pande
According to the Court order, “The Commission is entitled to be indemnified under the law and FDM (FTX Digital Markets) shall ultimately bear the costs the Commission incurs in safeguarding those assets for the benefit of FDM’s customers and creditors.”

The Supreme Court of Bahamas ordered FTX to pay reimbursement fees to the Securities Commission of the Bahamas for holding the firm’s digital assets since November 11. It emphasized that all payments will be made only after the Supreme Court grants its approval. 

The announcement has increased FTX’s woes as the exchange already owes over $3B in liabilities to its top 50 creditors. 



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Meanwhile, a recent court filing stated that Sam Bankman-Fried and three former FTX executives will not receive any compensation from the company. 

The officials presiding over the FTX case have also agreed to move it from New York to Delaware to avoid potential conflicts in court rulings.

Written by
Ayush Pande