Bankrupt FTX seeks to exclude the Dubai Unit from Wind-down Proceedings in the US!

The post Bankrupt FTX seeks to exclude the Dubai Unit from Wind-down Proceedings in the US! appeared first on Coinpedia Fintech News

Bankrupt crypto exchange FTX has filed court documents requesting to exclude its Dubai unit from the wind-down proceedings in the U.S. FTX Dubai, which was set up in February 2022 and owned by the company’s European arm, had been included in the Chapter 11 cases filed by FTX. However, the estate argues that FTX Dubai did not conduct any business before the bankruptcy filing in the United Arab Emirates and is a balance sheet solvent, making a voluntary liquidation procedure under UAE laws the most practical course of action. A hearing on the matter is scheduled for August 23.