- Cryptocurrency exchange FTX is seeking to separate its Dubai operations from its bankruptcy proceedings in the United States.
- The company asserts that its Dubai operations are financially capable of settling their debts.
- FTX is reportedly preparing to relaunch the exchange for global investors.
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FTX, a major player in the cryptocurrency exchange market, has requested to separate its Dubai operations from its ongoing bankruptcy process in the United States. The firm has stated that its Dubai branch is in a position to pay off its debts. Additionally, FTX is said to be gearing up to restart the exchange for its global clientele.
FTX’s New Request for its Dubai Operations
FTX has made a formal request to segregate its Dubai operations from the bankruptcy proceedings currently underway in the United States. The company has argued that liquidating FTX Dubai in accordance with UAE laws would ensure timely distribution of unpaid debts.
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FTX had previously included its Dubai operations in the lawsuit process when it filed for bankruptcy for 102 affiliated entities. The company did not make any attempts prior to the bankruptcy filing in the United Arab Emirates (UAE), leading the bankruptcy unit to state that there was no reasonable probability of rectifying operations.
FTX Dubai’s Financial Position
In a statement from the company, it was noted that FTX Dubai is financially capable of settling its debts from a balance sheet perspective. The company stated that creditors could be paid on time through a liquidation process that complies with UAE laws. The requested termination decision is necessary to protect debtors and ensure the payment of salaries, compensation, and social benefits for employees in Dubai, the company emphasized.
FTX’s Plans for Global Investors
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It has been reported that FTX is making preparations to reboot the exchange for global investors. In the application made by the exchange, creditor groups were classified and a plan was presented on how payments would be made. The first group was identified as FTX.com global users, followed by investors in the US exchange.
In conclusion, FTX is making strategic moves to ensure the continuity of its operations and the protection of its investors. By separating its Dubai operations from its bankruptcy proceedings in the US, the company aims to maintain its presence in the global cryptocurrency market. The firm’s plans to relaunch the exchange for global investors further underscores its commitment to its clientele.