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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.”

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Walk for the Cure Every Saturday This October  

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Nassau, Bahamas, 1 October 2026 – Every Saturday this month, communities across The Bahamas will take steps in support of cancer patients and survivors as CIBC Caribbean’s Walk for the Cure returns to New Providence, Abaco, Eleuthera, and Grand Bahama.

CIBC Caribbean Head of Country, Terrance Gibson, said, “Each Saturday in October represents another community coming together, another opportunity to raise awareness and, most importantly, more support for the organizations that are doing this work every day.”

The month of activities begins this Saturday, October 3, in New Providence, with participants gathering at the Goodman’s Bay Corporate Centre for a 6:30am start.

CIBC Caribbean Walk Champion, Antionette Fox, said the series of walks gives communities across the country an opportunity to contribute to a cause that directly supports Bahamian cancer organizations.

“Every Saturday for the month of October, there will be a walk that you can participate in to contribute towards this worthy cause,” Fox said.

In New Providence, the morning will extend beyond the walk itself, with Zumba, wellness activities, informational vendors, and opportunities for participants to connect with organizations working directly with cancer patients and survivors.

Gennie Dean Caring and Sharing Cancer Support Group President Duquesa Dean said participants do not have to complete the full route to be part of the morning.

“Just come out…there is something for everyone, come for the community,” Dean said. “There’s a survivor ceremony, so come and participate and celebrate the people who have gone through cancer and are here as evidence that you could live after a cancer diagnosis.”

The Gennie Dean Caring and Sharing Cancer Support Group is one of eight cancer organizations in The Bahamas that benefit from funds raised through Walk for the Cure. The others are the Sister Sister Breast Cancer Support Groups of New Providence and Grand Bahama, Cancer Society of The Bahamas, the Cancer Societies of Abaco, Eleuthera, and Grand Bahama, and the Cancer Association of Grand Bahama.

Dean explained that CIBC Caribbean covers the cost of staging WFTC, allowing donations raised to support the work of beneficiary organizations.

For her organization, that assistance translates into tangible support for people navigating cancer, including food assistance, financial aid, prosthetic breasts, and mastectomy bras, as well as programs such as Step Into Wellness, which promotes movement and healthy living among cancer patients and survivors.

Corporate partners are also helping to strengthen this year’s effort. Bamboo Shack has joined the initiative as a gold sponsor, with representative Ghandi Pinder sharing that the cause has a personal significance for her.

Pinder recalled shaving her hair in solidarity with her sister after she was diagnosed with an aggressive form of breast cancer and began losing her hair during chemotherapy.

“We see you, we’re here with you, we’re in it with you,” Pinder said of Bamboo Shack’s message to those affected by cancer.

She also encouraged more of Corporate Bahamas to support initiatives that directly impact the communities they serve.

“At Bamboo Shack, we always say a better Bahamas begins with you… Together, we can make a difference,” she said.

Registration for Walk for the Cure is $30 for adults and $15 for children and can be completed at any CIBC Caribbean branch. CIBC Caribbean clients can also donate through online banking.

The New Providence Walk begins promptly at 6:30am on Saturday, October 3, at the Goodman’s Bay Corporate Centre, followed by Walk for the Cure events in other islands each Saturday throughout October. The Grand Bahama WFTC event will be held on October 10 and the Abaco and Eleuthera WFTC events will occur on October 17 and October 24 respectively.

Gibson added, “Some will walk for themselves, some in celebration of a survivor, and others in memory of someone they have lost. Whatever brings you to Walk for the Cure, every person who shows up becomes part of a much bigger expression of support for those affected by cancer.”

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The Bahamas Reaffirms Support for Ukraine at International Conference in Toronto

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TORONTO, Canada —Minister of Foreign Affairs and Immigration Fred Mitchell has reaffirmed The Bahamas’ support for Ukraine’s territorial integrity and the international effort to secure the return of Ukrainian children, detained civilians and prisoners of war.

Speaking at the two-day Second International Conference on Returning Ukrainian Children, Detained Civilians, and Prisoners of War, held in Toronto on September 28 and 29, Minister Mitchell thanked Canada, Norway and Ukraine for convening the conference and said The Bahamas was honoured to participate.

“I first want to add my thanks to Canada, Norway and Ukraine for convening this important conference,” Minister Mitchell said. “We are honoured to have been invited and to be here.”

Minister Mitchell said The Bahamas supported the position expressed by Antigua and Barbuda from the CARICOM Region, while also drawing on remarks delivered by Prime Minister Philip Davis at them United Nations.

He said The Bahamas’ own history made it impossible for the country to remain silent when them territorial integrity of another state is under attack.

“Just a couple of days ago, our Prime Minister spoke at the United Nations about a people with a history of struggle for identity, arising out of the struggle against slavery, and how we cannot be silent in the face of the attack on the territorial integrity of another state,” Minister Mitchell said.

He noted that Canada and other countries have stood alongside Caribbean nations as they confront their own regional challenges, including the situation in Haiti and difficulties facing Cuba.

“We are a region which is far away from Ukraine, but we identify with the struggle,” he said. “In this case, we want to be sure that our voices are heard in support of the defence of the territorial integrity and the people of Ukraine.”

Minister Mitchell said the principle of territorial integrity carries lessons well beyond the current conflict and deserves particular attention from smaller states.

“We think that the question of territorial integrity is a lesson for all to inwardly digest,” he said, adding that The Bahamas particularly appreciated Canada’s approach to its role as a “middle power” in international affairs.

The minister also reflected on the broader historical context surrounding Russia and Ukraine. Referring to a recent interview with Russian President Vladimir Putin that he encountered on social media, Mitchell described the discussion as an example of historical revisionism.

He recalled the days of writings and experiences of Soviet-era dissidents including Aleksandr Solzhenitsyn and Andrei Sakharov, as well as the struggles that took place during the Soviet period and the eventual collapse of the Soviet Union.

Minister Mitchell said the historical interpretation presented in Putin’s remarks offered a markedly different account of those developments and placed responsibility for the situation in Ukraine on what Putin described as Western intellectual elites and their actions.

“That was very interesting,” he noted.

Drawing on the work of political scientist Samuel Huntington, Minister Mitchell suggested that political systems can retain characteristics of their predecessors even after major upheavals or revolutions.

“The Czar has been replaced, but what do we have today?” he asked. “A kind of pre-emptory, antidemocratic, autocratic behaviour attacking another state?”

Minister Mitchell concluded by reaffirming The Bahamas’ support for the objectives of the Toronto conference and calling for practical opportunities for the country to contribute.

“So I am, on behalf of The Bahamas, supporting the aims of this important conference,” he said. “Please assure us, or let us know, what practical ways we can help.”

He said The Bahamas’ participation itself was an important first step.

“We hope that, in this instance, the fact that we are here and that our voice has been added to this cause is at least a good start.”

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Carnival and LJM Maritime Academy launch free adult learn-to-swim program in New Providence

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Nearly 60 participants enrolled in two-week initiative teaching essential water safety skills, taught by Celebration Key’s certified lifeguards

 

Sept 28, 2026 – Carnival Cruise Line, in partnership with LJM Maritime Academy, has launched a free learn-to-swim program to empower Bahamian adults with essential water safety and swimming skills.

The two-week program took place in August at the LJM Maritime Academy Pool on Maritime Cay, Nassau, with sessions held Monday through Friday.

Carnival provided all necessary equipment, including full-protection swim goggles, backboards, kickboards, swim paddles and other training aids. Instructors were from Celebration Key’s Water Safety Team, whose lifeguards hold 5-star SGE Audit Rating Certification and bring hands-on expertise in swim education and water rescue.

The program drew a strong and enthusiastic response from the community. Following announcements on social media, nearly 60 participants enrolled to acquire skills that are crucial in an island nation.

“Water safety is not a luxury in The Bahamas – it is a necessity,” said Philcher Grant, Director of Public Affairs and Community Engagement for Carnival Cruise Line in The Bahamas and Turks and Caicos Islands. “We are surrounded by water, yet many adults haven’t had the opportunity to learn basic swimming skills. Partnering with LJM Maritime Academy allows us to change that, one participant at a time, while reinforcing Carnival’s commitment to investing in the communities where we operate through education, training and meaningful partnerships.”

“Opening our pool and facilities to adults who are embracing the opportunity to build basic swimming skills and helping them develop this life-saving ability has been deeply rewarding,” said Nameiko Miller, Registrar at LJM Maritime Academy. “We have been pleased to partner with Carnival on this important initiative and commend the Water Safety Team for its dedication and expertise. The response from the community has exceeded our expectations, confirming just how much this kind of program is appreciated.”

“It has been an absolute pleasure providing these lifesaving skills to the participants,” said Valentino Strachan, Water Safety Manager for Celebration Key. “Kent, Samuel, and I are very encouraged to keep going because of the enthusiasm, excitement and, most of all, the progress we’ve seen. I can say with confidence that 100% of the participants have conquered their fear of the water and are successfully mastering the fundamentals of strong swimming form.”

Participant Lucy Forbes said: “When I started, I couldn’t even push off the pool wall, now I can glide across the water. The instructors, from Sammy to Ken to Tino, were phenomenal. It’s been such a wonderful experience, and if they run this again next year, I’ll be back.”

Another participant, Karen Simeon, added: “This program teaches you to overcome your fear of the water and trust yourself. The fear doesn’t disappear completely, but with the right techniques you freak out less and make progress every time. Every instructor – Tino, Ken, Sammy – brought something different, and I learned from all of them.”

Drowning remains one of the leading causes of preventable death in The Bahamas, and public health advocates have long pointed to low swimming proficiency among adults as a contributing factor. Programs like this one aim to close that gap by removing barriers to learning.

The initiative is part of Carnival’s broader strategy of building lasting community partnerships across its destinations, with a focus on education, training and initiatives that leave a tangible, positive impact long after each session ends.

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