First reported case of FTX complaint, and it’s no surprise

Former FTX Digital Markets co-CEO Ryan Salame notified the Bahamas Securities and Exchange Commission (SCB) on Nov. 9 that FTX had transferred client funds to its sister trading firm Alameda Research.

Salame also told SCB that only three people, namely former FTX CEO Sam Bankman-Fried “SBF”, FTX co-founder Zixiao “Gary” Wang and FTX chief technical officer Nishad Singh, had the access required to transfer client funds from cryptocurrencies. trading with hedge funds.

These details were shared in filings filed in the Bahamas yesterday (December 14).

Salame’s allegation prompted SCB Executive Director Christina Rolle to request an investigation by the Commissioner of the Royal Bahamas Police Force. The exchange was forced to close two days later.

Morocco finalizes its regulatory framework on cryptocurrencies