The Securities Commission of The Bahamas rejected recently appointed FTX chief John Ray's allegations that Bahamian officials worked with former CEO Sam Bankman-Fried to shelter the failed crypto exchange's assets from the U.S. bankruptcy process. 

The regulator issued a statement claiming Ray cited redacted email correspondence between Bankman-Fried and Bahamian officials "to create a false impression of communications between Mr. Bankman-Fried and the Commission."

"These redactions are disturbing as Mr. Ray is aware that the full email reveals Mr. Bankman-Fried’s acknowledgment that he had 'not briefed the Securities Commission,'" the commission said.