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 <h2 id="ftx-plans-to-dismiss-ftx-dubai-from-bankruptcy">FTX Plans to Dismiss FTX Dubai From Bankruptcy</h2> 
 <p>FTX filed a motion to dismiss the Chapter 11 bankruptcy case of FTX Exchange FZE (FTX <a rel="noopener noreferrer nofollow" title="Dubai" href="https://thebittimes.com/tag/dubai.html">Dubai</a>), according to court filings on August 3.</p>  
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 <p>FTX <a rel="noopener noreferrer nofollow" title="Dubai" href="https://thebittimes.com/tag/dubai.html">Dubai</a> is a wholly-owned subsidiary of FTX Europe AG, which received a license from <a rel="noopener noreferrer nofollow" title="Dubai" href="https://thebittimes.com/tag/dubai.html">Dubai</a>’s Virtual Assets Regulatory Authority on July 12, 2022. However, the exchange never started offering crypto-related services to investors.</p> 
 <blockquote> 
  <p>“FTX <a rel="noopener noreferrer nofollow" title="Dubai" href="https://thebittimes.com/tag/dubai.html">Dubai</a> is balance sheet solvent. Therefore, the Debtors believe that a solvent voluntary liquidation procedure in accordance with the laws of the United Arab Emirates would allow a timely distribution of the positive cash balance after payment of all outstanding liabilities and liquidation of all assets.”</p> 
 </blockquote> 
 <p>Moreover, the debtors claim the court has jurisdiction to consider the motion and it’s in the best interest of creditors. Any court order will authorize debtors to clear pre-bankruptcy wages and salaries to <a rel="noopener noreferrer nofollow" title="Dubai" href="https://thebittimes.com/tag/dubai.html">Dubai</a>-based employees.</p>  
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 <p><strong>Read More: </strong>‘Worse Than Starting from Scratch,’ Kraken Founder Jesse Powell On FTX 2.0</p> 
 <h2 id="settlements-before-ftx-2-0-launch">Settlements Before FTX 2.0 Launch</h2> 
 <p>FTX CEO John Ray seeks the completion of all settlements and pending wages to launch FTX 2.0, with the bidding process already opened for new investors.</p> 
 <p>FTX also filed a motion for settlement and stock exchange agreement between and among FTX Trading, West Realm Shires, and IEX Group. In addition, debtors seek a court order to enter a stimulation with the University of Toronto and funds from payments firm <a rel="noopener noreferrer nofollow" title="Stripe" href="https://thebittimes.com/tag/stripe.html">Stripe</a> Inc.</p> 
 <p><strong>Also Read:</strong></p> 
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  <li>Binance Announces Zero-Fee Bitcoin And Ethereum Trading, Bullish For Crypto Market?</li> 
  <li>Elon Musk’s X Sued For Copyright Infringement</li> 
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FTX Seek Dubai's Unit Bankruptcy Dismissal And Settlements Ahead FTX 2.0 Plan

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TheBitTimes

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