News Explorer — FTX Seeks to Exclude Dubai Unit From Bankruptcy Proceedings, Citing Lack of Business Activity

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FTX Seeks to Exclude Dubai Unit From Bankruptcy Proceedings, Citing Lack of Business Activity

FTX, the bankrupt crypto exchange, has filed court documents to exclude its Dubai unit from the winddown proceedings in the U.S. FTX argues that FTX Dubai did not conduct any business prior to the bankruptcy filing and has no reasonable likelihood of rehabilitating its operations. The estate believes that a solvent voluntary liquidation procedure in the United Arab Emirates would allow for a timely distribution of the positive cash balance.