Business

FTX files for bankruptcy as CEO Sam Bankman Fried resigns

The crypto exchange has appointed a new CEO as it scrambles to repay creditors, customers and investors. The group of companies will continue to operate normally and pay creditors over time according to Chapter 11 of the United States Bankruptcy code.

Embattled cryptocurrency exchange FTX has filed for Chapter 11 bankruptcy in the United States. This comes days after a significant spike in withdrawal requests exposed the company as insolvent.

The bankruptcy filing shows that about 130 other business entities tied to FTX are seeking protection from creditors as well.

CEO Sam Bankman-Fried has also resigned.

Nigerian SEC mandates crypto firms to open local offices for regulatory sandbox participation

Nigeria's SEC unveils strict requirements for crypto firms, including local presence and hefty penalties, as it seeks to regulate the burgeoning digital asset market amidst global challenges.

Nigeria’s crypto crackdown: U.S. Congress pushes for Binance exec’s release from Nigerian prison

A bipartisan House resolution urges Nigeria to free Tigran Gambaryan, detained since February, citing health concerns and due process violations.

FATF report: Global crypto regulation still lagging

97% of African countries struggle with crypto compliance: FATF

FATF’s latest review also reveals that 75% of jurisdictions globally fall short of crypto compliance.

FTX files for bankruptcy as CEO Sam Bankman Fried resigns

Read next

Nigerian SEC mandates crypto firms to open local offices for regulatory sandbox participation

Nigeria’s crypto crackdown: U.S. Congress pushes for Binance exec’s release from Nigerian prison

97% of African countries struggle with crypto compliance: FATF

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