Central Bank has received info on financial system’s FTX exposure

Central Bank has received info on financial system’s FTX exposure

NASSAU, BAHAMAS — Central Bank Governor John Rolle yesterday confirmed that the regulator had requested and received information from bank and trust companies regarding their exposure to FTX.

Rolle said: “Yes the Central Bank enquired and received the requested data.  It will benchmark our continued monitoring of the sector, however, the Central Bank will not share any conclusions on the information.”

The implosion of FTX and its local subsidiary, FTX Digital Markets is not believed to pose any widespread risk to the country’s financial system.

According to court documents, the cryptocurrency exchange owes creditors $3.1 billion. FTX has filed for Chapter 11 bankruptcy and its  30-year-old founder and CEO Sam Bankman-Fried has resigned. Bankman-Fried has been replaced by Enron liquidation lawyer John J. Ray III. FTX has reportedly claimed in filings that it has between $10 billion and $50 billion in estimated liabilities and assets.

FTX’s Bahamian arm, FTX Digital Markets has been placed in liquidation. Liquidators for FTX’s Bahamas unit, FTX Digital Markets, have asked a New York City court to recognize the local bankruptcy proceedings, having rejected the validity of the cryptocurrency exchange’s US bankruptcy proceedings in Delaware.

The Securities Commission has taken action to freeze the assets of FTX Digital Markets and related parties, in the wake of the company’s collapse. 

FTX moved its headquarters from Hong Kong to The Bahamas last year, and earlier this year announced plans to invest around $60 million towards the development of a boutique hotel, commercial center, and its new headquarters on nearly five acres of land at Bayside Executive Park.


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