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Integrity of Bahamas Jurisdiction Defended Despite FTX Group Crash

Bahamas attorney general – Ryan Pinder issued a late Sunday presser defending the Bahamas as a place governed by law. In a twenty-minute press conference, the legal affairs minister demonstrated that the Bahamas is committed to ensuring compliance for all crypto actors. 

Pinder dismissed the reputation that his country had become a paradise for fraudulent crypto schemes. Pinder expressed shock at contagious ignorance in foreign regulatory agencies and crypto users, asserting that the laxity of regulatory scrutiny inspired FTX’s shift from Hong Kong to the Bahamas.  

Defending Bahamas Integrity 

While the FTX collapse was mentioned over 40 times, surprisingly, Pinder failed to attribute the disgrace to its founder Sam Bankman-Fried. Instead, the Bahamas attorney general directed his attack to countries that lack regulatory and legislative authority regarding the crypto and digital asset segment. He categorically stated the Bahamas is not among jurisdictions operating without crypto regulation

Pinder confessed that the Bahamas had an enormous interest in the FTX Group case to its conclusion. Nevertheless, he emphasized that guessing games and spreading rumors obscured the basic facts pursued by the Bahamas’ regulatory and investigative authorities. 

Recap of FTX Group Crash

The Bahamian official utilized the 20-minute live broadcast to recap the events of the FTX crash. He firmly denied Alameda Research operates in the Bahamas. Instead, it operates in another jurisdiction, and current investigations have not revealed it committed improprieties within the Bahamas. 

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Pinder quickly highlighted that FTX’s downfall was a single failure replicating other business failures witnessed in 2022. He considered FTX Group’s insolvency crisis a typical experience witnessed globally and affecting other sectors. He alluded that the FTX crash events should be readily interpreted as a powerful actor’s failure for questionable internal management practices that violated the corporate governance framework.  

Calls for Pinder to Recuse from FTX Group Case

The exclusion of Sam Bankman-Fried’s criticism during the Sunday address attracted attention to Pinder’s past engagement. Although a Bahaman by birth, Pinder schooled in New York before enrolling at the University of Miami for a law degree and MBA. Pinder would take up parliamentary services for years. 

Notably, crypto users have gained attention to his 2014 exit from public service and his role as chief legal officer at Deltec Bank & Trust. Preliminary investigations have dragged Deltec Bank to FTX Group. Besides, the Bahamas-based bank lists Tether, a renowned stablecoin issuer, as the client. Further, its chair Jean Chalopin serves in a similar capacity at the FTX-owned rural Washington bank – Farmington State Bank. 

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A perusal of Deltec bank events reveals it touting the visit to Pinder, acknowledging his role as Bahamas attorney general. The bank admitted holding discussions on the Bahamas’ positioning as a digital assets hub. Also, the lender indicated discussing the Bahamas’ active role in becoming the region’s hub for blockchain technology. The awareness of such a connection prompts the louder calls for the Bahamian official to recuse from handling the FTX Group case.


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Stephen Causby

Stephen Causby is an experienced crypto journalist who writes for Tokenhell. He is passionate for coverage in crypto news, blockchain, DeFi, and NFT.

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