FTX wants to exclude its Dubai-based subsidiary from ongoing bankruptcy proceedings in the US。According to a court filing on Aug. 4, the bankrupt cryptocurrency exchange argued that the step would allow for the timely distribution of funds owed to creditors.。

The document states: "FTX Dubai has balance sheet solvency.。"The debtor is therefore of the view that, under United Arab Emirates law, a solvent voluntary liquidation procedure would allow for the timely distribution of positive cash balances following the payment of all outstanding debts and the liquidation of all assets."。In addition to that, debtors of the exchange told the court that excluding FTX Dubai from bankruptcy proceedings in the US would allow the company to meet its immediate obligations, such as paying wages and salaries.。The case was filed in U.S. Bankruptcy Court in Delaware, with a hearing scheduled for Aug. 23.。

After FXT filed for bankruptcy last November, the company began bankruptcy proceedings against more than 100 of its affiliated entities, including FTX Dubai, which is owned by FTX Europe and was established in February 2022.。However, according to the filing, FTX Dubai did not offer cryptocurrency services before the global exchange sought bankruptcy protection.。Similarly, in January, FTX sought a similar court order to exclude its Turkish operations from ongoing bankruptcy proceedings in the United States.。Meanwhile, the exchange told the court in a court filing that Turkish authorities were unlikely to act on the U.S. court order.。

Immediately after the collapse of FTX, the Turkish Financial Crimes Investigation Commission seized the exchange's assets and began an investigation into its former CEO, Sam Bankman-Fried.。In an official statement, Turkish authorities accused FTX of failing to uphold the trust of customers and accused Bankman-Fried of engaging in suspected criminal activity.。Meanwhile, earlier this week, FTX presented a group of claimants with a plan to work with third-party investors to restart offshore exchange operations, according to the Financial Giant, where debtors would forgo refunds in exchange for shares in the proposed entity, according to court documents.。