FTX submitted a request for Dubai to leave the US configuration process.
Declaring bankruptcy in November 2022 FTX , filed a new request for the Dubai branch. The company wants to separate its ongoing operations in Dubai from the restructuring process in the US. He also made statements regarding Dubai’s United Arab Emirates (UAE) laws. FTXhighlighted the outstanding debts and timing issues.
Contacted the bankruptcy department
FTX, which filed for bankruptcy against various organizations, also included its Dubai activities in the litigation process. The exchange had not taken any action during this process and before the UAE filed for bankruptcy. The bankruptcy unit stated that it will not take any action to correct operations due to these circumstances.
According to the statement made by FTX, FTX Dubai stated that it does not have enough power to pay its debts. One of the most critical discourses is the liquidation process and payments to creditors regarding UAE laws. In addition, FTX, which continues its global operations, seems determined to re-run the exchange. The effect of this planning is clearly observed in the price movements of the stock market’s token, FTX.
