NASSAU, BAHAMAS — Executives of the country’s first crowdfunding platform ArawakX are calling for the introduction of ‘whistleblower’ legislation in The Bahamas they believe could help prevent “blowups” like FTX from happening again.
FTX, one of the world’s largest crypto exchanges collapsed after rival crypto exchange giant Binance backed out of a deal to save the company.
The company filed for Chapter 11 bankruptcy protection on November 11.
FTX’s former CEO and founder Sam Bankman-Fried who was arrested at his Albany apartment on the eve of a congressional hearing into FTX’s collapse has been remanded to The Bahamas Department of Corrections and denied bail. The US is seeking his extradition, with the Securities Exchange Commission (SEC) a scheme to defraud investors of billions of dollars which he diverted to his Alameda Research crypto hedge fund for his own personal benefit and to help grow his crypto empire.
Apart from whistleblower legislation, ArawakX is also calling for the strengthening of the regulatory powers of the Central Bank and the Securities Commission of The Bahamas.
ArawakX’s chief technology officer D’Arcy Rahming Jr said: “There was an Integrity Commission Bill in 2017, that was primarily for persons in the Government, there is a section in there on Whistleblowers that could apply to regulated financial services entities. The reality is our jurisdiction has taken a reputational hit globally, but we are a nation of laws and enforcement. I think the...
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