FTX Works to Remove Turkish Investments from Bankruptcy Case

FTX, a cryptocurrency exchange, has filed for bankruptcy in the US and is seeking to exclude its Turkish units from the case.

Turkish authorities announced a probe into FTX’s activities and ordered the seizure of nearly all its assets, making it difficult for FTX to include them in restructuring plans.

FTX stated that the US court’s orders have no legal or practical effect in Turkey and the Turkish government is unlikely to comply with them.

The request concerns FTX Turkey and SNG Investments, both described as “not strategic” with assets and activities limited to Turkey.

FTX’s parent company can still take action under Turkish law, and some Turkish creditors have already filed private claims in local courts.

A hearing on the issue is set for March 8, with non-US creditors forming a committee to ensure their representation in the case.