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FTX files motion to exclude its Dubai unit from bankruptcy proceedings

  • FTX has filed a motion in court to remove its Dubai unit from ongoing restructuring proceedings in the United States.
  • The crypto exchange argues that its Dubai unit didn’t conduct any business before the bankruptcy filing and is unlikely to rehabilitate its operations.
  • The court will start its first hearing on the issue on Aug. 23.
  • FTX Dubai is a balance sheet solvent and is seeking a timely liquidation procedure in accordance with the laws of the United Arab Emirates.
  • The subsidiary currently holds approximately $4.5 million in several accounts, of which $4 million is restricted by the Virtual Assets Regulatory Authority (VARA) as security for the license.
  • The restricted cash is expected to be released in the context of the liquidation of FTX Dubai.
  • FTX Dubai is expected to enter into an agreement with the appointed liquidator to facilitate the orderly and efficient administration of the liquidation.
  • FTX filed for bankruptcy on Nov. 11, 2022, and started bankruptcy proceedings for 102 associated entities worldwide.
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