On 10 November 2022 the Securities Commission of the Bahamas (https://www.scb.gov.bs/) presented a winding up petition against FTX Digital Markets Ltd. (“FTX Digital” or “the Company”) and suspended its licence to operate as a digital asset business. FTX Digital is a subsidiary of FTX Trading Ltd, a company incorporated in Antigua and Barbuda.
Following the presentation of the petition, at a hearing on 10 November, the Commercial Division of The Supreme Court of the Bahamas (“the “Court”) appointed Mr Brian Simms KC of Lennox Paton as Provisional Liquidator and commenced a liquidation proceeding for FTX Digital (the “Bahamian Liquidation Proceeding”). On 14 November 2022, Kevin Cambridge of PwC Bahamas and Peter Greaves of PwC Hong Kong were also appointed by the Court as Provisional Liquidators. Copies of the appointment orders of the Joint Provisional Liquidators (“JPLs”) are available to view and download in the Document library.
On 8 February 2023, the JPLs filed their first interim report to the Court which provided an update on the Bahamian Liquidation Proceeding and requested a six month extension to this proceeding. Following the Court's hearing of this motion on 10 February 2023, an extension was granted until 9 August 2023, a copy of the order is available to view below.
A Chapter 15 petition was also filed by the JPLs in the United States Bankruptcy Court for the District of Delaware (the “US Court”). An order, recognising the provisional liquidation as a foreign main proceeding, was granted by the US Court on 15 February 2023 and is available to view below.
FTX Digital, which principally operates in The Bahamas, is registered to provide an exchange between digital assets and traditional “fiat” currency, alongside an exchange between one or more different forms of digital assets.
The JPLs have been appointed to identify, secure and safeguard the assets of the Company and in doing so protect the interests of investors and creditors.
Certain other FTX entities filed voluntary petitions for chapter 11 in the United States Bankruptcy Court for the District of Delaware (the “Chapter 11 Bankruptcy Proceedings”). FTX Digital is not included in this group and therefore is not subject to the Chapter 11 Bankruptcy Proceedings.
This website is for the exclusive benefit of FTX Digital stakeholders, such as the customers and employees and will be populated with relevant information and updates from the JPLs from time to time relating to FTX Digital and the Bahamian Liquidation Proceedings. No party should look to this website for information relating to the Chapter 11 Bankruptcy Proceedings.
There are separate pages on this website containing specific information for employees and customers and creditors. However, should you still need to contact us, please use the most appropriate email address below;
The Joint Provisional Liquidators have prepared their first interim report dated 8 February 2023. This report provides an account of the activities undertaken by the JPLs since their appointment on 10 November 2022 and summarises their activities and preliminary findings.
Download a copy of the first interim report dated 8 February 2023