securities regulators in the bahamas are reportedly seeking to control ftx fttusd bankruptcy proceedings challenging the company’s chapter 11 filing in the us what happened on nov 15 ftx’s bahamian subsidiary ftx digital markets ltd filed for chapter 15 proceedings in new york to seek us recognition of bahamian liquidation proceedings see more best crypto portfolio trackers according to a report by wall street journal ftx management is determined to keep the case in us bankruptcy courts citing people familiar with the matter this is because foreign companies often desire to restructure debt in the us because the countrys laws provide more protection than other counties brian simms the courtappointed bahamian provisional liquidator who is overseeing the bankruptcy proceedings of ftx digital market has called into question the validity of ftxs us bankruptcy filing ftx digital markets was founded by sam bankmanfried in hong kong in may 2019 but after chinas cryptocurrency ban in september 2021 he relocated the company to nassau the bahamian capital the bahamas securities regulator did not immediately respond to benzinga’s request for comment price action ftt is trading at 161 down 851 in the last 24 hours according to benzinga pro read next bitcoin ethereum dogecoin weak as ftx fallout fears deepen but this trader sees giant opportunity to stash crypto