The Eastern Caribbean Central Bank (ECCB) is aware of the recent collapse of FTX (registered as FTX Digital Markets Ltd) headquartered in The Bahamas, which was reported to be a significant player in the crypto space.
The Securities Commission of The Bahamas has since suspended the registration of this entity and appointed provisional liquidators for FTX Digital Markets Ltd. Regulatory action by the Securities Commission of The Bahamas is ongoing. This has not been the first significant fallout in the crypto space this year.
In light of these unfortunate events, the ECCB encourages the public to exercise due diligence and to be mindful of the high level of risk crypto-assets present. Crypto-assets are inherently volatile and speculative.
As such, consumers should be aware of the risk of the loss of their investment, fraud and cyber-attacks, especially in jurisdictions where the sector is unregulated.
A list of regulated entities can be found on the websites of the national regulators in each of the ECCB member countries.
Websites of ECCU National Regulators
Anguilla – https://www.fsc.org.ai/
Antigua and Barbuda – https://www.fsrc.gov.ag/
Commonwealth of Dominica – https://fsu.gov.dm/
Grenada – https://www.garfin.gd/
Montserrat – https://www.fscmontserrat.org/
Saint Christopher and Nevis- (1) https://www.fsrc.kn/ (2) https://www.nevisfsrc.com/
Saint Lucia https://fsrastlucia.org/
Saint Vincent and the Grenadines – https://svgfsa.com/
SOURCE: Eastern Caribbean Central Bank
FTX was a money laundering ponzi scheme for the political class (particularly Demo(n)crats). Investors and tax payer funds was funneled into FTX which then funneled into Ukraine, which was then washed backed to the Democratic Party. FTX was the second largest donor to the Democratic party.
fact … ECCB askin us to be careful wit crypto while the country they’re HQ is based in is about to declare the biggest shitcoin legal tender … BITCOIN CASH … is not BITCOIN ….. just another scheme being played onto unsuspecting victims… BCH is not BTC !
someone in st. vincent is getting played … cause they did no follow up themselves .. sad
This press release from the ECCB is a gross insult to our intelligence; and demonstrates the desperation of the management to appear relevant in the financial and economic lives of EC citizens.
My guess is that they received their marching orders from their masters at the IMF & World Bank to shift the blame to the victims of the Ponzi scheme they have been running around the globe.
Here’s what this press release, redolent with lies of omission, cannot mask:
A Grand Unified Theory of the FTX Disaster
Ah now I see why they taking in front before in front take them.
The former Chairman of the Caribbean Union Bank (CUB) and Antiguan ambassador Arthur G.B. Thomas has been named as one of the Directors in the crypto currency exchange company, FTX Trade.
The business was headquartered in the Bahamas and incorporated in Antigua by key principle and former Director of Engineering at FTX Exchange, Nishad Singh.
FTX, once the world’s third-largest crypto exchange, valued at $32 billion became bankrupt after it was unable to clear a shortfall of $8 billion. It was discovered that the company utilizing depositors’ money to fund other businesses.
According to court documents, the cryptocurrency exchange owes creditors $3.1 billion. Its 30-year-old founder and CEO Sam Bankman-Fried has since resigned.
NBC news reported that one of three FTX directors was Arthur Thomas, who was until recently chairman of the Eastern Caribbean Securities Regulatory Commission.
Prime Minister Gaston Browne announced over the weekend that Thomas had also resigned as Chairman of the government owned Caribbean Union Bank.