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Bankrupt FTX seeks to exclude Dubai unit from US wind-down proceedings

Crypto exchange FTX, which filed for bankruptcy in the US last November, is seeking to exclude its Dubai unit from the wind-down proceedings. FTX Dubai, which was set up in February 2022 and is owned by the company's European arm, did not conduct any business prior to the bankruptcy filing in the UAE. The estate argues that FTX Dubai is balance sheet solvent and a voluntary liquidation procedure in accordance with UAE laws would allow for a timely distribution of the positive cash balance after payment of all outstanding liabilities and liquidation of all assets. A hearing on the matter is scheduled for Aug. 23.

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