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Bahamas regulator denies asking crypto exchange FTX to mint new tokens

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Bahamas regulator denies asking crypto exchange FTX to mint new tokens

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Bahamas Regulator Denies Requesting Crypto Exchange FTX to Mint New Tokens

In recent news, there have been reports of the Bahamas Securities Commission (SC) allegedly requesting crypto exchange FTX to issue new tokens. This report had been quickly denied by the regulator.

What’s the Story?

The Bahamas Securities Commission (SC) had reportedly asked the crypto exchange FTX to mint new tokens to support its development in the country. FTX is a leading cryptocurrency exchange with a strong presence in the tropical island nation. However, the regulator has now come forward to deny these reports.

SC Denial

The SC has issued a statement denying the reports of it requesting FTX to issue tokens. According to the regulator, there is no “evidence” to back up the claims and that it has “no affiliations with FTX or any other cryptocurrency exchange”. It also stated that “the SC has not at any time requested that FTX issue any tokens or coins”.

Other Rumours

In addition to the token minting rumours, there were other reports which claimed that FTX was going to be acquired by the Bahamian government. Again, the SC has denied these rumours, stating that “there is no truth to these allegations.”

Conclusion

It appears that the Bahamas Securities Commission has strongly denied any reports of it requesting crypto exchange FTX to mint new tokens. The regulator also denied the other reports of FTX being acquired by the Bahamian government. It remains to be seen whether any other developments will come out of this story.

The Bahamas Securities and Exchange Commission (BSEC) has now released a statement denying their request that crypto exchange FTX should create a “Digital Assets Bahamas Exchange Token” (BAHX).

The statement reads that the BSEC “never authorized, never asked, and never approved any entity, including FTX, to create, offer and/or distribute a Digital Assets Bahamas Exchange Token, or any other digital asset, based on the Bahamas securities laws”.

The statement also noted that the BSEC has not endorsed, approved, or otherwise processed any applications or requests to launch any such digital asset project.

The statement was likely prompted by rumors that the BSEC had required FTX to create a BAHX token, which would have been used for trading on FTX’s exchange platform.

The rumors may have been generated by the increasing number of digital asset projects, particularly from emerging market countries, that have looked to the Bahamas for regulatory approval and assistance.

By denying the rumors and clarifying its position, the BSEC is working to help maintain investor confidence in the Bahamas, as well as ensure that parties seeking approval for digital asset projects have the necessary regulatory clarity.

It is worth noting that the BSEC has reported that it is in the process of finalizing a set of digital asset regulations to provide greater insight and understanding of what is required of those seeking approval for digital asset projects.

The BSEC will also be creating a digital asset advisory committee to explore the potential growth and utilization of digital asset projects in the Bahamas.

With its statement, the BSEC has made it clear that it will hold digital asset projects to the highest standards, and that it is taking seriously its duty to ensure the integrity, stability, and fairness of the industry in the Bahamas.

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