Bankrupt FTX faces investigation in Bahamas

Asian Tech Press (Nov 14) -- Bahamian regulators are launching an investigation into the bankrupt cryptocurrency exchange FTX.

FTX announced Friday that it has filed for Chapter 11 bankruptcy after experiencing a significant liquidity crunch.

"In light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd., a team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate if any criminal misconduct occurred," the Royal Bahamas Police Force said in a statement tweeted Sunday.

The same day FTX filed for bankruptcy, 30-year-old founder and CEO Samuel Bankman-Fried also announced his resignation.

Visa Inc., the world's largest electronic payment network operator, said on Sunday that it would cut its global credit card agreements with FTX.

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