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AG Pinder Makes a National Statement Regarding FTX Digital Markets Limited

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By LLONELLA GILBERT
Bahamas Information Services

 

#TheBahamas, December 1, 2022 – Attorney General and Minister of Legal Affairs Senator the Hon. Ryan Pinder made a National Statement on behalf of The Government of The Commonwealth of The Bahamas, on the current situation regarding FTX Digital Markets Limited.

The AG explained that The Bahamas is a place of laws and the rule of law, and the exercise of due process, characterizes the integrity of its jurisdiction. “As the third-oldest democracy in the western hemisphere, our legal, regulatory and financial sectors have stood the test of time.”

He said given how quickly things have moved, it is hard to believe that it was only on November 2, that an article first appeared on the news site CoinDesk, with the details of a leaked financial statement of Alameda Research, a trading company also founded by Sam Bankman-Fried founder and CEO of FTX US Derivatives.

“I want to pause here to emphasize that among the over 100 companies located in dozens of jurisdictions around the world, FTX Digital Markets is the only entity regulated in The Bahamas,” AG Pinder said.

“Alameda Research is NOT regulated in The Bahamas. To the extent Alameda Research is found to have committed any improprieties in The Bahamas, then of course it will be subject to our jurisdiction.”

He said the balance sheet of Alameda Research, CoinDesk reported at that time, revealed that a large portion of their assets were held in FTT, a token issued by an FTX entity, that granted token holders a discount on trading fees.

The AG said four days later, on November 6, Binance, a crypto exchange that is a major rival to FTX, announced that it was selling off all its substantial holdings in the FTT token.

He said this announcement prompted many FTX investors to withdraw hundreds of millions of dollars in digital assets from FTX – causing a liquidity crunch.

“In short, FTX was experiencing the equivalent of a ‘run on the bank,’ when customers all rush to withdraw assets simultaneously. Two days later, on November 8, it was reported that Binance had entered into a non-binding agreement to buy FTX. However, the very next day, November 9, Binance pulled out of the deal.”

Attorney General Pinder noted that one day later, November 10, the Securities Commission of The Bahamas, announced that it had taken action to freeze the assets of FTX Digital Markets, had suspended the registration of FTX Digital Markets as a licensee under The Digital Assets and Registered Exchanges Act, also known as the “DARE Act”, and applied to the Supreme Court of The Bahamas, pursuant to its regulatory authority under the DARE Act, to place the company into provisional liquidation.

“The speed with which the Securities Commission was able to move was remarkable by any standard. Over the course of eight days, market confidence was lost in a company which at one point had a $32 billion valuation.”

He said, “The Securities Commission deserves the highest praise for moving so swiftly and decisively to suspend FTX Digital Markets’ license and appoint provisional liquidators.

“In addition, the Securities Commission recognized that given the nature of digital assets, and the risks associated with hacking and compromise, placing FTX Digital Markets into provisional liquidation was not sufficient to protect the customers and creditors of the company.”

The AG said, therefore, pursuant to their authority under the DARE Act, and pursuant to an order of the Supreme Court of The Bahamas, the Securities Commission secured the assets of FTX Digital Markets to be held on behalf of and for the benefit and restitution of clients and creditors of FTX.

He explained that the Commission was the first regulator in the world to take significant steps with respect to the FTX group of companies, which has operations and regulated activities throughout the world. This was done for the purpose of protecting the interests of FTX’s customers and creditors, as well as the integrity of the Bahamian financial services industry.

Attorney General Pinder said, “The Securities Commission was able to move so quickly because of the strength of the legislative framework which was already in place in The Bahamas to regulate digital asset companies like FTX Digital Markets. No other jurisdiction in the world moved or could have moved this quickly in circumstances such as these.”

Bahamas News

Conflicting Reports as Grand Bahama Awaits Its New Airport: What to Believe?

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Deandrea Hamilton | Editor

 

September 16, 2025 – Grand Bahama’s wait for a modern international airport has taken another dramatic turn. Just days after reports surfaced that the $200 million redevelopment had collapsed because partners failed to secure financing, the government is now insisting the project is alive and well — with funding in the “final stages” and construction on the horizon.

Earlier This Week: Airport Deal in Dire Straits

The week began with grim headlines. Deputy Prime Minister and Aviation Minister Chester Cooper confirmed that private partners in the much-heralded consortium had not produced financing. “Regrettably, the funding had not happened,” he admitted, sparking widespread fears the deal had crumbled.

Those admissions triggered a storm of skepticism in Freeport. Back in February, the government had declared the airport deal “finalized,” naming Aerodrome Ltd., Manchester Airport Group, and BHM UK as partners. They promised demolition within 30 days, designs in 45 days, and a new terminal by year’s end. But now, more than four months later, not a single milestone has been delivered.

For residents and business leaders, the collapse narrative confirmed their worst fears: that Grand Bahama was once again being strung along with empty promises. Long-stay tourism — the kind that sustains hotels, restaurants, taxis, and shops — depends on a functioning airport. Without it, the island’s economy remains hobbled.

Today: Government Pushes Back

But late Thursday, the government issued a forceful rebuttal. “The redevelopment of Grand Bahama’s International Airport remains a central priority for this administration and is key to the island’s economic renewal,” the statement read. Officials stressed that they are “in the final stages of securing funding and concluding agreements on airport management.”

The statement went further, clarifying the role of Manchester Airport Group, the UK’s largest airport manager. MAG, it said, was never meant to provide financing but remains a core partner in shaping the airport’s development and management. Bahamian contractors, the government insisted, are part of the team tasked with delivering the facility. “Our focus is on results,” the release concluded. “Grand Bahama will have the airport it needs to grow, attract investment, and strengthen its role as a gateway to The Bahamas.”

Who Should Grand Bahama Believe?

The conflicting narratives — one of a deal in “dire straits,” the other of a project in “final stages” — have left Grand Bahama residents struggling to know what to believe. Is the airport project truly on life support, or is the government simply playing its hand close until funding details are nailed down?

Skeptics point out that this is hardly the first time the airport has been declared a priority only to see little follow-through. Promises in 2023, in February 2025, and again in summer 2025 all failed to produce visible progress. Each missed deadline has chipped away at public trust.

Supporters of the government counter that large infrastructure projects are inherently complex, with legal negotiations and financing arrangements often dragging longer than planned. They argue that the continued involvement of Manchester Airport Group is evidence the project is still credible.

The Bigger Picture

Grand Bahama’s airport troubles are intertwined with the stalled $120 million Grand Lucayan hotel sale, which also remains without visible progress 129 days after it was announced. Business leaders insist both projects must move together if the island is to see real recovery. A luxury resort without a modern airport is as unviable as an airport without hotel rooms to fill.

For now, the people of Grand Bahama are left in limbo. This week they were told the airport deal had failed. Today, they’re being told it’s moving forward. The only certainty is that, nearly a year after the latest round of promises, not a single crane has touched the sky.

As one resident put it: “We don’t need more statements. We need to see bulldozers.”

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U.S. Coast Guard Trains Bahamian Partners in Water Survival Skills

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The Bahamas, September 10, 2025 – Rescue swimmers from the United States Coast Guard (USCG) Aviation Training Center in Mobile, Alabama visited Nassau to train Royal Bahamas Defense Force (RBDF) and Royal Bahamas Police Force (RBPF) members in water survival skills as part of Operation Bahamas Turks and Caicos (OPBAT) earlier this week.

“Training alongside our USCG partners ensures our personnel are best prepared for the unique challenges of joint operations” said Superintendent Wendy Pearson, Commander Drug Enforcement Unit.

The multi-day exercise, centered on the USCG’s Shallow Water Egress Training (SWET), enhanced the safety and preparedness of Bahamian partners who routinely operate aboard USCG helicopters during OPBAT missions. The exercise provided hands-on instruction for 31 participants and strengthened interoperability between U.S. and Bahamian agencies engaged in counter-drug, search and rescue, and maritime security operations throughout the region.

“We were excited and proud to have the opportunity to share our expertise with our Bahamian partners. Not only did RBDF and RBPF perform exceptionally well, they exceeded the standards we set for the event,” said Petty Officer Second Class Cole Johnson, USCG.

OPBAT is a cooperative multi-agency international operation supporting The Bahamas and Turks & Caicos Islands to stop illicit drug smuggling through the region. U.S. Embassy Nassau Chargé d’affaires Kimberly Furnish stated, “Since 1982, OPBAT has worked to stop the flow of illicit narcotics through the Caribbean, destined for the United States or other jurisdictions.  This is international cooperation at its best.”

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Department of Gender Affairs Congratulates Rev. Clare Robinson on Historic Induction as First Female President/Bishop of BTCI Conference of The Methodist Church

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Providenciales, Turks and Caicos Islands, 4 September 2025 The Department of Gender Affairs, within the Ministry of Home Affairs, Religious Affairs, and Transportation, extends heartfelt congratulations to Reverend Clare Robinson on her historic achievement of becoming the first woman in 213 years to be inducted as President/Bishop of the Bahamas Turks & Caicos Islands Conference (BTCI) of the Methodist Church in the Caribbean and the Americas (MCCA); a Momentous Occasion in the History of Gender Equality.

The Department of Gender Affairs proudly celebrates this moment of progress and inspiration, recognising Reverend Clare Robinson as a beacon of faith and leadership for generations to come. Reverend Robinson’s induction is a monumental triumph for women in leadership, for the Church, and for society as a whole. Her trailblazing journey affirms the limitless potential of women to lead with wisdom, faith, and courage.

The induction service will be held at Wesley Methodist Church, Malcolm Road, Nassau, The Bahamas, in a landmark ceremony led by Reverend Ron Juan Simson, Connectional President of the MCCA. Joining in this historic occasion will be a high-level delegation from the Turks & Caicos Islands, underscoring the regional significance of this milestone and the unity of our Methodist community across the Caribbean and the Americas.

Born in South Caicos and raised in Grand Turk, Reverend Robinson is no stranger to breaking barriers. She is the first female itinerant presbyter and the first female superintendent minister of both the North and South Turks & Caicos Islands circuits. Answering God’s call to full-time ministry in 2005, she earned a Bachelor of Arts in Theology (First Class Honours) from the University of the West Indies and a Master of Divinity, before serving faithfully within the MCCA. She will now lead 37 Methodist congregations across The Bahamas and Turks & Caicos Islands.

Reverend Robinson has been married to Mr. Irvin Robinson for 34 years, and together they are the proud parents of one daughter, Charnelle Robinson. We extend our heartfelt gratitude to the Robinson family for their unwavering support and understanding, which has been instrumental in Reverend Robinson’s journey and her ability to serve the Church and the community.

In celebrating this milestone, the Hon. Shaun David Malcolm MP, Minister of Home Affairs remarked:

“Today, we celebrate a truly historic achievement in the life of the Church and in the advancement of gender equality across our region. The induction of Reverend Clare Robinson as the first female President/Bishop of the Bahamas Turks & Caicos Islands Conference of the Methodist Church after 213 years, stands as a powerful testament to faith, perseverance, and the limitless potential of women in leadership. On behalf of the Ministry of Home Affairs, Religious Affairs & Transport and in particular, the Department of Gender Affairs, I extend heartfelt congratulations to Reverend Robinson on this remarkable accomplishment. Her elevation to this sacred office affirms God’s call on her life and inspires every woman and girl to know that their gifts, talents, and service are vital to nation-building and the advancement of God’s Kingdom.”

We are confident that Reverend Robinson’s leadership will strengthen the spiritual and moral fabric of our communities, as Minister responsible for Religious Affairs it is not only our responsibility but our obligation, to pledge and support as she embarks on this historic journey. May God grant her wisdom, courage, and grace as she fulfils this divine calling.

Mrs. Carolyn Dickenson, Director of gender Affairs, stated that “Reverend Robinson stands as living proof that faith knows no gender and leadership knows no bounds. Her induction is not just history, it is prophecy fulfilled. Her journey is a beacon of hope, not only for women of faith but for every woman who has ever been told her place was limited. Today, the glass ceiling within the Church has been shattered, and the sound of its breaking will echo for generations. This induction is more than a ceremony it is a revolution of possibility. To every girl across the Bahamas and Turks & Caicos Islands who wonders if she is enough, Reverend Robinson’s achievement shouts back: You are more than enough. Let this moment ignite dreams, stir courage, and remind us all that when women rise, communities rise, nations rise, and the Kingdom of God is strengthened. This is just the beginning of a brighter future.

Additionally, the officers and members of the Women in Development and Women in Sports, extends heartfelt congratulations to Rev. Clare on this historic milestone. Your achievement is not only a personal triumph but also an inspiration to women everywhere who strive to lead, to serve, and to break new ground.

The Department of Gender Affairs stands proudly with Reverend Robinson, pledging to continue championing equality, empowerment, and leadership for all women and girls.

Congratulations Rev. Clare.

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