Quick Points
•Bahamas Attorney General Ryan Pinder said it was “extremely regrettable” that FTX’s new CEO John Ray III “misrepresented the timely action taken by the Securities Commission and used inaccurate allegations.”
• Pinder spoke Sunday night during a national address over Facebook Live, where he urged all international authorities to “exercise at least the same amount of prudence and restraint in their public commentary as we do so as not to prejudice any of the proceedings that are ongoing.”
• Tension has been building between authorities in the Bahamas and FTX’s new management, with the Securities Commission of the Bahamas (SCB) stating this week that FTX’s new CEO John Ray III made “intemperate and inaccurate allegations” about its treatment of FTX.
Tension has been building between authorities in the Bahamas and FTX’s new management, with the Securities Commission of the Bahamas (SCB) stating this week that FTX’s new CEO John Ray III made “intemperate and inaccurate allegations” about its treatment of FTX. In a national address over Facebook Live, Attorney General Ryan Pinder urged all international authorities to “exercise at least the same amount of prudence and restraint in their public commentary as we do so as not to prejudice any of the proceedings that are ongoing.” Here is a breakdown of the events leading up to this point.
The Conflict Between FTX and the Bahamas Securities Commission
FTX is a cryptocurrency derivatives exchange that was founded in 2019 by Sam Bankman-Fried, who also founded the Alameda Research quant trading firm. According to The Block Crypto, FTX is the fifth largest cryptocurrency spot exchange by volume and the third largest derivatives exchange.
The conflict between FTX and the Bahamas Securities Commission began when John Ray III, who replaced Bankman-Fried as CEO of FTX earlier this month, made allegations against the SCB in a YouTube video. Specifically, Ray accused the SCB of being “corrupt” and said that it had been “harassing” FTX.
In response to these allegations, SCB Executive Director Chevon Miller issued a statement on behalf of the SCB, calling Ray’s comments “intemperate and inaccurate.” Miller went on to say that the SCB “utterly rejects any suggestion or insinuation of corruption on its part” and that it has been “diligent and professional” in its dealings with FTX.
Since then, there has been back-and-forth between FTX and the SCB, with each side accusing the other of inaccuracies. However, things came to a head when Ryan Pinder addressed the situation during a national address Sunday night.
Pinder’s Urgent Request for Restraint from International Authorities
During his Facebook Live address Sunday night, Attorney General Ryan Pinder said it was “extremely regrettable” that FTX’s new CEO John Ray III had misrepresented the timely action taken by the Securities Commission and used inaccurate allegations. Pinder went on to say that he hoped all international authorities would “exercise at least the same amount of prudence and restraint in their public commentary as we do so as not to prejudice any of our proceedings which are ongoing.”
It remains to be seen how international authorities will respond to Pinder’s request for restraint, but one thing is certain: The conflict between FTX and the Bahamas Securities Commission is far from over.
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