FTX Token

The bankrupt crypto exchange FTX has requested court approval to exclude its Dubai unit from the ongoing restructuring proceedings in the United States.FTX, the bankrupt crypto exchange, has filed a motion in court to exclude its Dubai unit from the ongoing bankruptcy proceedings that began in November 2022. The exchange argues that the Dubai unit had not conducted any business before the <a href="https://cryptosheadlines.com/irs-files-44-billion-claims-in-ftx-bankruptcy-proceedings/" rel="noopener noreferrer nofollow">bankruptcy filing</a>, and its rehabilitation is unlikely. The court’s first <a href="https://cryptosheadlines.com/coinbase-vs-sec-july-13-hearing-scheduled-after-exchanges-creative-response/" rel="noopener noreferrer nofollow">hearing on this matter is scheduled</a> for August 23.According to the filing, FTX Dubai is financially stable, and a voluntary liquidation procedure under <a href="https://cryptosheadlines.com/binance-targets-united-arab-emirates-for-future-operations/" rel="noopener noreferrer nofollow">United Arab Emirates</a> law would allow a prompt distribution of positive cash balance after settling all liabilities and liquidating assets.FTX Dubai, a wholly-owned subsidiary of FTX’s European arm, holds a virtual <a href="https://cryptosheadlines.com/shiba-inu-shib-and-xrp-included-in-hong-kongs-virtual-asset-index/" rel="noopener noreferrer nofollow">asset service provider license from Dubai’s Virtual Assets</a> Regulatory Authority (VARA). The subsidiary currently has approximately $4.5 million in various accounts, with $4 million being restricted by VARA as security for the license. <a href="https://cryptosheadlines.com/ftx-seeks-exclusion-of-dubai-unit-from-bankruptcy-proceedings/" rel="noopener noreferrer nofollow">Read More...</a> Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>

FTX Seeks Exclusion of Dubai Unit from Bankruptcy Proceedings

CryptosHeadlines.com

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