Claim BonusFTX Seeks Dubai Unit’s Bankruptcy Dismissal And Settlements Ahead Of FTX 2.0 Launch
Beleaguered crypto exchange FTX files a motion to dismiss Chapter 11 bankruptcy for its subsidiary in Dubai. The debtors also seek the court’s order to schedule the settlement and stock exchange agreement between FTX, West Realm Shires, and IEX Group. It wants to complete all pending fund and token transfers from companies such as payment platform Stripe before launching FTX 2.0.
FTX Plans to Dismiss FTX Dubai From Bankruptcy
FTX filed a motion to dismiss the Chapter 11 bankruptcy case of FTX Exchange FZE (FTX Dubai), according to court filings on August 3.
FTX Dubai is a wholly-owned subsidiary of FTX Europe AG, which received a license from Dubai’s Virtual Assets Regulatory Authority on July 12, 2022. However, the exchange never started offering crypto-related services to investors.
“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.”
Moreover, the debtors claim the court has jurisdiction to consider the motion and it’s in the best interest of creditors. Any court order will authorize debtors to clear pre-bankruptcy wages and salaries to Dubai-based employees.
Read More: ‘Worse Than Starting from Scratch,’ Kraken Founder Jesse Powell On FTX 2.0
Settlements Before FTX 2.0 Launch
FTX CEO John Ray seeks the completion of all settlements and pending wages to launch FTX 2.0, with the bidding process already opened for new investors.
FTX also filed a motion for settlement and stock exchange agreement between and among FTX Trading, West Realm Shires, and IEX Group. In addition, debtors seek a court order to enter a stimulation with the University of Toronto and funds from payments firm Stripe Inc.
Also Read:
- HashKey With Standard Chartered To Offer Crypto Retail Trading Services
- Binance Announces Zero-Fee Bitcoin And Ethereum Trading, Bullish For Crypto Market?
- Elon Musk’s X Sued For Copyright Infringement
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: USDT Issuer Tether Launches GENIUS Act-Compliant USAT Stablecoin
- Grayscale Executives, Parent Firm Trim Holdings in XRP, Solana, & Chainlink ETFs
- HYPE Token Jumps 24% as Hyperliquid HIP-3 Sees Record $793M Open Interest
- Sui ETF Nears Approval as Grayscale Amends S-1 with US SEC
- XRP Ledger Crosses $1 Billion in Tokenized Assets Amid Rising Institutional Interest
- Bitcoin Price Outlook as US Dollar Index Hits 4-Year Low, Gold Soars
- Stock Market Today: Nasdaq, Dow, S&P 500 Futures Rise Ahead of Fed Meeting, and Jobless Claims
- Bitcoin And XRP Price Prediction Ahead of FOMC Meeting Tomorrow, Jan 28
- XRP Price Prediction as Ripple Scores Big Partnership in Cash-Rich Saudi Arabia
- Bitcoin Price Prediction As Gold Breaks All-Time High
- Bitcoin and XRP Price At Risk As US Govt. Shutdown Odds Reach 73%
