On Nov. 14, 2022, the Securities Commission of the Bahamas (SCB) published a press release that explains the ‘Big Four’ accounting firm PWC (Pricewaterhousecoopers) has been designated as provisional liquidator in the FTX investigation. The SCB detailed that “given the magnitude” of the events surrounding FTX, the Bahamas regulator recognized that it had to “move swiftly.”
According to a press release published by the SCB on Monday, Kevin Cambridge and Peter Greaves from the ‘Big Four’ accounting firm PwC were approved by the court as joint provisional liquidators. Essentially, provisional liquidators, unlike conventional liquidators, do not distribute funds as they are appointed to safeguard the bankrupt company’s remaining assets.
The SCB further noted that it is working with “other super supervisory authorities” in regard to the FTX fallout. “Over the coming days and weeks, the commission expects to engage with other supervisory authorities on a regulator-to-regulator basis as this event is multijurisdictional in nature,” the SCB detailed on Monday. Additionally, the securities regulator said that the case needed to be expedited because of the implications and magnitude of FTX’s collapse.
“Given the magnitude, urgency, and international implications of the unfolding events with regard to FTX, the commission recognized that it had to, and moved swiftly to use its regulatory powers under the Digital Assets and Registered Exchanges Act, 2020 (“DARE Act”) to further protect the interests of clients, creditors, and other stakeholders globally of FTX Digital Markets Ltd. (FDM),” the securities regulator explained.
The news follows the Bahamas regulator freezing FTX’s assets and directing the Supreme Court to appoint a provisional liquidator. The SCB further noted on Nov. 12 that the regulator did not approve “the prioritization of withdrawals for Bahamian clients.” The following day, on Nov. 13, reports detailed that the Royal Bahamas Police Force said an investigation into FTX was underway.
“A team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate if any criminal misconduct occurred,” the Bahamian police spokesperson told the media.
What do you think about PWC being appointed to provisional liquidator status in the ongoing FTX case? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Chrispictures / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments
The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.
On Nov. 14, 2022, the Securities Commission of the Bahamas (SCB) published a press release that explains the ‘Big Four’ accounting firm PWC (Pricewaterhousecoopers) has been designated as provisional liquidator in the FTX investigation. The SCB detailed that “given the magnitude” of the events surrounding FTX, the Bahamas regulator recognized that it had to “move swiftly.”
According to a press release published by the SCB on Monday, Kevin Cambridge and Peter Greaves from the ‘Big Four’ accounting firm PwC were approved by the court as joint provisional liquidators. Essentially, provisional liquidators, unlike conventional liquidators, do not distribute funds as they are appointed to safeguard the bankrupt company’s remaining assets.
The SCB further noted that it is working with “other super supervisory authorities” in regard to the FTX fallout. “Over the coming days and weeks, the commission expects to engage with other supervisory authorities on a regulator-to-regulator basis as this event is multijurisdictional in nature,” the SCB detailed on Monday. Additionally, the securities regulator said that the case needed to be expedited because of the implications and magnitude of FTX’s collapse.
“Given the magnitude, urgency, and international implications of the unfolding events with regard to FTX, the commission recognized that it had to, and moved swiftly to use its regulatory powers under the Digital Assets and Registered Exchanges Act, 2020 (“DARE Act”) to further protect the interests of clients, creditors, and other stakeholders globally of FTX Digital Markets Ltd. (FDM),” the securities regulator explained.
The news follows the Bahamas regulator freezing FTX’s assets and directing the Supreme Court to appoint a provisional liquidator. The SCB further noted on Nov. 12 that the regulator did not approve “the prioritization of withdrawals for Bahamian clients.” The following day, on Nov. 13, reports detailed that the Royal Bahamas Police Force said an investigation into FTX was underway.
“A team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate if any criminal misconduct occurred,” the Bahamian police spokesperson told the media.
What do you think about PWC being appointed to provisional liquidator status in the ongoing FTX case? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Chrispictures / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments
The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.
Uniswap rose to a one-week high in today’s session, as crypto markets seemed to have settled following recent turbulence. The last seven days were filled with increased levels of fear, uncertainty, and doubt in the marketplace, as participants moved to shelter following the FTX collapse. Xrp was another notable mover, climbing by over 10% on Nov. 15.
Uniswap (UNI) rose for a third straight session on Nov. 15, pushing the token to a one-week high in the process.
UNI/USD surged to an intraday high of $6.36 in today’s session, less than a day after trading at a low of $5.83.
Today’s rally, which saw prices move close to a key resistance level of $6.45, has seen UNI trade at its highest point since last Tuesday.
As can be seen from the chart, another ceiling was hit during today’s surge, in the form of the relative strength index (RSI).
The index collided with its resistance of 50.00, which could potentially prevent any further surges from the token.
In order for UNI to move above $6.45, price strength will first need to climb above the 50.00 mark.
XRP was another one of Tuesday’s big gainers, as the token rose by over 10%.
Following a low of $0.3404 to start the week, XRP/USD surged to a peak of $0.3907 earlier today.
This rise in price sees the token move higher for a second consecutive day, and closer to a key resistance level.
Looking at the chart, this ceiling is the $0.40 mark which was last hit during last Wednesday’s sell-off.
Despite Tuesday’s mini resurgence, XRP/USD is down by nearly 12% in the last seven days.
In order to change this sentiment, bulls will need to force a breakout of the upcoming ceiling at 44.30 on the RSI.
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Do you expect xrp to move above $0.40 in the coming days? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
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