Sam Bankman-Fried, the former CEO of FTX on day parole, has asked that 6 counts against him be dismissed, arguing that they would violate the planned extradition agreement between the states States and the Bahamas. US prosecutors have granted his request, so the ex-FTX CEO will only be tried on part of the charges initially.
Sam Bankman-Fried continues to juggle his accusations
As the FTX file and that of its former CEO Sam Bankman-Fried grows heavier week by week, the latter seems impervious to proper justice. As he faces 13 high-profile charges, the founder of what was once the second-largest cryptocurrency exchange remains on day parole after posting a staggering $250 million bail few months ago.
As the Securities and Exchange Commission (SEC) continues to terrorize cryptocurrency exchanges operating in the United States – as they demand clear regulation, we learn that Sam Bankman-Fried has had 6 of the 13 charges against him dropped.
🔴 LIVE – Follow the SEC’s anti-cryptocurrency crusade in real time
Indeed, a court in the Bahamas – from where Sam Bankman-Fried was extradited – opposed 5 convictions against the ex-CEO of FTX. According to the Supreme Court of the Bahamas, the charges in question would not respect the extradition agreement originally established between the United States and the Bahamas, and the person concerned should thus, according to them, have the possibility of opposing it officially. His lawyers have stated that ” to do otherwise would cause substantial harm to Mr. Bankman-Fried and should not be allowed “.
The charges in question include charges of foreign bribery (SBF is suspected of bribing Chinese officials), bank fraud and conspiracy, among others.
👉 Discover our selection of the best wallets to store your cryptocurrencies
Buy crypto on eToro
A second trial scheduled for next year
US Department of Justice prosecutors agreed to the request.therefore Sam Bankman-Fried will only be tried on the original charges, namely wire fraud, securities fraud and money laundering.
Sam Bankman-Fried will thus have to answer in front of a Bahamian audience, although he is not required to go there physically. In order to prevent his trial scheduled for next October in the United States from being postponed, he will only be tried on the initial charges at first.
A second trial is currently scheduled for the first quarter of 2024. in order to try the founder of FTX on the charges here laid in abeyance. For the time being, the next hearing concerning the FTX case will be held tomorrow, Thursday June 16 and will focus on the pleadings concerning the requests for inadmissibility.
👉 In The News – Binance.US and SEC reach joint agreement to not freeze platform assets
Discover ZenGo
$10 Bitcoin bonus from $200 deposit 🔥
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
755 items
