FTX files motion to exclude its Dubai unit from bankruptcy proceedings

Crypto exchange FTX is seeking to rid its Dubai subsidiary from bankruptcy proceedings in the US, filing an official motion in court on August 2. As the unit didn’t conduct any investments before the bankruptcy filing, FTX argued that it is less likely to benefit from rehabilitation operations. The hearing on the matter is to start on August 23.

FTX Dubai, owned wholly by the exchange’s European arm, was earlier given a license by Virtual Assets Regulatory Authority (VARA) of Dubai, which has put restrictions of certain funds of $4 million. VARA promised that the restrictions would be returned in case of a liquidation of FTX Dubai, adhering to the laws of United Arab Emirates.

FTX initiated the bankruptcy process for its 102 global entities on November 11, 2022, while FT Unlimited Dubai is in agreement with an assigned liquidator to undertake mundane official procedures, pushing for an orderly and effective administration of the liquidation proceeding.

As a unique memorabilia, FTX fans can collect this article as a non-fungible token (NFT) enabling them to preserver this moment in history while demonstrating their support of independent journalism in the crypto space.

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Robert Wilson author
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