FTX, the bankrupt cryptocurrency exchange, has filed a motion in court to have its Dubai unit removed from the ongoing reorganisation procedures in the United States.
FTX contended in a court filing on Aug. 2 that its Dubai unit did not conduct any business prior to the bankruptcy filing, and hence the subsidy is unlikely to restore its operations.
On August 23, the court will have its first hearing on the matter.
According to the filing, FTX Dubai is balance sheet solvent, and a voluntary “liquidation procedure in accordance with the laws of the United Arab Emirates would allow a timely distribution of the positive cash balance after payment of all outstanding liabilities and liquidation of all assets.”
