FTX Comes Under Investigation in Turkey

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Sam Bankman-Fried (SBF), the creator and former CEO of the embattled cryptocurrency exchange FTX, is the subject of an investigation by Turkish financial officials for alleged fraud. The action comes after an investigation into the collapse of the company, which also ran a Turkish platform, was launched a few days ago.

The Financial Crimes Investigation Board (MASAK), a division of the Ministry of Treasury and Finance, is in charge of both investigations. The Anadolu Agency stated on Wednesday that, as part of its investigation, the authorities had seized assets belonging to SBF and its affiliates.

Nureddin Nebati, Turkey’s finance minister, commented on the situation and warned that the cryptocurrency market should be approached with “maximum caution” due to the risks and opportunities that digitization has brought.

Many Turks invested in crypto assets in recent years to protect their cash from the country’s lira’s increasing inflation. Turkish investors have been harmed by the failures of domestic trading platforms and scams, as well as the lingering crypto winter.

After suffering from liquidity concerns, FTX, one of the biggest cryptocurrency exchanges in the world, filed for Chapter 11 bankruptcy protection in the U.S. on November 11. It is currently under voluntary administration. Since then, Bankman-Fried has resigned, and three other top executives were let go by the new administration of the company.

FTX Is Subject to Investigations in Several Countries

The FTX group of enterprises is currently being investigated not just in Turkey but also in the United States, the Bahamas, where it had its headquarters, and Japan. In other markets, the exchange’s and its subsidiaries’ licenses have also been suspended. A recent report states that SBF could be extradited from the Bahamas to the United States for questioning.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.