Turkey probes former FTX CEO Sam Bankman-Fried for fraud, seizes assets
The Turkish government has launched an investigation into Sam Bankman-Fried, the former CEO of failed cryptocurrency exchange FTX. Authorities in Ankara have also seized the assets of the founder of the problematic coin trading platform, according to local media.
Turkey’s Financial Intelligence Unit Launches Another FTX-Related Investigation
Turkish financial regulators have begun investigating Sam Bankman-Fried (SBF), the founder and former CEO of cryptocurrency exchange FTX, for possible fraud. The move comes after an investigation into the bankruptcy of the company, which also operated a Turkish platform, began in mid-November.
Both investigations are led by the country’s Financial Crimes Investigation Commission (MASAK), which is under the Ministry of Finance. As part of that, authorities seized assets of SBF and other affiliates, the Anadolu Agency reported Wednesday.
Turkey’s Finance Minister Nureddin Nebaty has commented on the matter, highlighting the risks digitization has brought along with the opportunities, and warning that the cryptocurrency market should be approached with “great caution”. .
Amid rapid inflation of the country’s legal tender, the lira, many Turks have put money into cryptocurrencies over the past few years to maintain their savings. However, the failure of domestic trading platforms and scams, as well as the ongoing crypto winter, have taken a toll on Turkish investors.
FTX, once one of the top cryptocurrency exchanges in the world, filed for Chapter 11 bankruptcy protection in the United States on Nov. 11 after struggling with liquidity issues, and is now in voluntary control. Below. Bankman-Fried resigned and the group’s new management fired his three other executives.
Beyond Turkey, FTX Group companies are currently under investigation in a number of jurisdictions, including the United States, the Bahamas where they are headquartered, and Japan. The exchange and its subsidiaries have also confirmed that multiple markets have had their licenses suspended. Bahamian authorities may hand over SBF to the United States for questioning, according to recent reports.
Do you expect financial authorities in other countries to investigate former FTX CEO Sam Bankman-Fried? Let us know in the comments section below.
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Turkey probes former FTX CEO Sam Bankman-Fried for fraud, seizes assets
Source link Turkey probes former FTX CEO Sam Bankman-Fried for fraud, seizes assets
