Sam Bankman-Fried chose a slice of prime Bahamas real estate to build the new headquarters of his fast-growing cryptocurrency exchange FTX, posing with a shovel alongside the Caribbean country’s prime minister in a shared embrace of the huge potential for digital assets.
Just seven months later, FTX’s spectacular collapse has sent shockwaves through an industry that promised to revolutionise finance, and shattered the credibility of the Bahamas — which put the crypto boom at the heart of its economic strategy — as a jurisdiction that properly monitors digital asset businesses.
“Crypto was going to be our way out. We could interact with the global economy in a way we couldn’t before,” said Stefen Deleveaux, of the Caribbean Blockchain Alliance, from a seafront restaurant on the island group’s north coast.
‘Enforcement 40’ for 2020
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