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Troubled crypto exchange FTX plans to remove its Dubai subsidiary from ongoing bankruptcy proceedings in the United States, Coindesk reported on Thursday, citing a FTX recently submitted court filings to request the judge to omit its Dubai arm from its bankruptcy proceedings in the U.S. The filing pointed out that FTX Dubai did not Bankrupt crypto exchange FTX wants to exclude its Dubai unit from the wind-down proceedings in the U.S, according to court filings from Thursday. Troubled crypto exchange FTX files motion to dismiss its Dubai subsidiary from the US bankruptcy proceedings. FTX submitted bankruptcy forms with the US rules in FTX wants its subsidiary based in Dubai excluded from its ongoing bankruptcy proceedings in the US. According to a court document filed today (Thursday), the bankrupt cryptocurrency According to a document submitted to the U.S. Bankruptcy Court for the District of Delaware, FTX Dubai did not conduct any business activities in the United Arab The FTX team claimed that it is requesting a dismissal to protect debtors and pay pre-bankruptcy compensation to Dubai employees. They, however, noted that any court Defunct crypto exchange FTX has now asked to remove its Dubai unit from the ambit of bankruptcy proceedings in the U.S. This were revealed in its court filings from Bankrupt crypto exchange FTX has filed a motion in court to remove its Dubai unit from ongoing restructuring proceedings in the United States. In a court filing on Aug. 2

FTX Requests Dubai Unit Dismissal from US Bankruptcy Proceedings

Troubled crypto exchange FTX is seeking to remove its Dubai subsidiary from ongoing bankruptcy proceedings in the United States. This development follows an FTX filing submitted to the U.S. Bankruptcy Court for the District of Delaware, requesting the judge to omit its Dubai arm from the U.S. bankruptcy proceedings. The motion, filed on Aug. 2, highlights that FTX wants its subsidiary based in Dubai excluded from its ongoing bankruptcy proceedings in the US, as reported by Coindesk on Thursday.

According to a document submitted to the court, FTX Dubai did not conduct any business activities in the United Arab Emirates. This assertion is central to FTX's argument for the dismissal. The FTX team claimed that it is requesting a dismissal to protect debtors and pay pre-bankruptcy compensation to Dubai employees. They, however, noted that any court decision on this matter is subject to review.

Bankrupt crypto exchange FTX filed bankruptcy forms with the US rules, and now wants its subsidiary based in Dubai excluded from its ongoing bankruptcy proceedings in the US. The filing pointed out that FTX Dubai did not engage in significant business operations. Essentially, Bankrupt crypto exchange FTX has filed a motion in court to remove its Dubai unit from ongoing restructuring proceedings in the United States.

Defunct crypto exchange FTX has now asked to remove its Dubai unit from the ambit of bankruptcy proceedings in the U.S. This were revealed in its court filings from Thursday. This move aims to streamline the wind-down process in the U.S., arguing that the Dubai entity's inclusion complicates matters unnecessarily. The request is currently under review by the court.

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