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ArawakX full wind-up sealed without a fight

THE Bahamas’ first-ever crowd funding platform’s fate was yesterday sealed without a fight after its former principals effectively consented to its liquidation amid claims of a near-$4m insolvency.

‘Absolutely untrue’ DARE influenced by FTX, Deltec

THE Securities Commission’s top executive yesterday slammed as “absolutely untrue” assertions that The Bahamas’ key digital assets law was influenced to benefit FTX and a local international bank.

Commission calls police in over ‘fictitious’ e-mail

THE Securities Commission yesterday called for a police probe into a “fictitious” e-mail purporting to have come from its top executive which criticised proposed Securities Industry Act reforms.

Commission says ArawakX ‘squandered the opportunity’

The Securities Commission has accused The Bahamas’ first-ever crowd-funding platform of “squandering the opportunity” to show why it should not be wound-up via the Supreme Court.

‘Irresistible inference’ ArawakX misused client funds to pay bills

ArawakX’s use of a loan from its largest investor to pay sums due to crowd-funding issuers and subscribers creates “the irresistible inference” it was using client funds to cover operating expenses, regulators charged yesterday.

ArawakX hit by claim of ‘criminal infraction’

The Bahamas’ first-ever crowd-funding platform has a solvency deficiency of “at least $2.4m”, regulators charged yesterday, while accusing it of “governance irregularities, regulatory breaches and possible criminal infractions”.

ArawakX to fight solvency shut down bid ‘all the way’

The Bahamas’ first-ever crowd funding platform last night pledged to “go all the way to the Privy Council” if the Securities Commission moves to shut it down over “solvency” concerns following a key hearing today.

FTX consumes 21% of Commission costs

FTX’s implosion consumed 21 percent of the Securities Commission’s near-$15m operating expenses last year as it raced to preserve client assets and tackle the legal and regulatory fall-out.

Commission unveils DARE overhaul - no FTX mention

The Securities Commission last night unveiled its long-awaited overhaul of The Bahamas’ digital assets regulatory regime although there was no mention of, or reference to, the recent FTX implosion.

FTX US chief ‘in contempt’ over Bahamian court order

The Securities Commission’s top executive has accused FTX’s US chief of being “in contempt” of the Supreme Court by blocking access to the collapsed crypto exchange’s cloud-stored system and digital assets.

‘FTX BAHAMAS CHIEF CONFESSED TO FRAUD’: Securities Commission director says admission led to liquidation move

The head of FTX’s Bahamian subsidiary sparked an “urgent” police probe into possible criminal misconduct when he confessed to local regulators about the misuse of multi-billion dollar client funds.

Bahamas ‘can’t sit on laurels’ over digital assets regulation

The Securities Commission’s top executive has warned that The Bahamas “cannot sit on our laurels” as she disclosed that further reforms to tighten digital assets regulation will be unveiled “in the next few months”.

‘No Bahamas slowdown’ from crypto winter freeze

The Bahamas’ top digital assets regulator says there has been no slowdown in applications to do business from this jurisdiction despite the collapse in global cryptocurrency valuations, and is predicting that interest will only increase.

Money lenders facing regulatory crackdown

A crackdown that aims to reverse “non-existent” consumer protection from unregulated money lenders will take effect in the 2022 second quarter, the Securities Commission’s top executive says.

Bahamas’ DARE pays off

The Securities Commission’s executive director yesterday said its legislative DARE has received “a huge vote of confidence” through attracting a major crypto currency exchange to The Bahamas.

‘Nothing to fear for compliant licensees’

Bahamas-based securities dealers that meet existing requirements will all meet the Securities Commission’s enhanced capital adequacy rules, regulators revealed yesterday.

The Tribune

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