securities commission

Attorney General of The Bahamas Defends Its Crypto Savvy in Wake of FTX Crash

Ryan Pinder, Attorney-General and Minister of Legal Affairs for The Bahamas, held a late Sunday press conference to defend the “integrity of our jurisdiction,” asserting that—despite his country’s reputation as a “crypto paradise” and haven for cryptocurrency schemes— “The Bahamas is a place of laws.”

The 20 minute addresses, broadcast live onlinementioned the failed cryptocurrency exchange FTX more than 40 times, but named its disgraced founder, Sam Bankman-Fried, only once.

“We have been shocked at the ignorance of those who assert that FTX came to the Bahamas because they did not want to submit to regulatory scrutiny,” Pinder said. “In fact, the world is full of countries in which there is no legislative or regulatory authority over the crypto and digital asset business, but The Bahamas is not one of these countries.”

Pinder acknowledged “the enormous interest” in the FTX case, but warned that “the basic facts have been obscured by guessing games and rumors.”

The Bahamanian official recapped the series of events that led to the FTX crash, noting that Alameda Research currently remains outside its jurisdiction—unless the firm “is found to have committed any improprieties in the Bahamas.”

Pinder also pointed out that the failure of FTX was only one failure in a string of business failures in recent months.

“On a basic level, recent events involving the insolvency crisis experienced by the FTX group of companies have been experienced around the world in practically every sector,” Pinder said. “What happened can be more easily understood as a case of a very large business failure as a result of questionable internal management practices and corporate governance.”

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Pinder was born in The Bahamas but

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