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FTX Wants Dubai Unit Removed From U.S. Bankruptcy Proceedings
Liquidating FTX Dubai under UAE law would make way for the timely distribution of any outstanding liabilities, the bankrupt estate argued in court filings.
Bankrupt crypto exchange FTX wants to exclude its Dubai unit from the wind-down proceedings in the U.S., according to court filings from Thursday.
When FTX filed for bankruptcy in the U.S. last November, it started Chapter 11 cases for 102 associated entities from around the world. FTX Dubai, which was set up in February 2022 and which is owned by the company's European arm, was one of the entities roped into the proceedings.
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But FTX Dubai didn't conduct any business prior to the bankruptcy filing in the United Arab Emirates and therefore "has no reasonable likelihood of rehabilitating its operations," the bankrupt estate argued in the filing requesting the dismissal of the unit.
"Additionally, FTX Dubai is balance sheet solvent. Therefore, the debtors believe that a solvent voluntary liquidation procedure in accordance with the laws of the United Arab Emirates would allow a timely distribution of the positive cash balance after payment of all outstanding liabilities and liquidation of all assets," the filing said.
The estate argues that any court orders while FTX Dubai was part of the proceedings should stand, but that the dismissal requested "is necessary" to protect the debtors and authorize them to, for instance, pay pre-bankruptcy wages and salaries, along with other compensation, benefits and expenses to Dubai employees.
A hearing on the matter is scheduled for Aug. 23.
Read more: FTX Plans to Restart Crypto Exchange for International Customers
Sandali Handagama
Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She is an alumna of Columbia University's graduate school of journalism and has contributed to a variety of publications including The Guardian, Bloomberg, The Nation and Popular Science. Sandali doesn't own any crypto and she tweets as @iamsandali
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
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- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
