CryptoCurrency

FTX’s Chapter: AZA Finance Denounces Itemizing of Its Entities in Submitting

AZA Finance Disagrees to Be Included in the Bankruptcy Filed by FTX
Global financial services company AZA Finance has criticised FTX for including 23 of its subsidiaries in its publicly available chapter safety report this past Friday. “Our entities are usually not a part of the FTX chapter,” according to the globally recognised alternative finance company.

The struggling cryptocurrency exchange FTX, situated in the Bahamas, revealed on Friday that it consists of FTX.com, FTX.US, Alameda Analysis, and “roughly 130 extra affiliated corporations.” However, AZA Finance famously stated in a late-Friday revelation that “FTX erroneously listed our entities of their chapter submitting in its disorganised haste.”

“I was astonished and disappointed to learn that BTC Africa S.A. and other AZA Finance firms were included by FTX in their Chapter 11 chapter submission at this same moment. To be clear, AZA Finance firms are often unaffected by the FTX chapter, and the CEO and founding parent of the company, Elizabeth Rossiello, stated, “We’re taking steps to right the inaccurate court docket filings.”

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However, AZA Finance noted that FTX Africa is just one of its clients because the latter pays out to a limited range of African consumers by utilising its fee infrastructure. The fintech company went on to clarify that it had partnered with FTX Africa in order to help expand web3 throughout the continent by building a “regulated, protected and low-cost fee rails” for FTX.

However, neither FTX nor any of its affiliated companies own or operate AZA Finance or any of our companies, including BTC Africa SA. Typically, our entities do not belong to the FTX chapter, according to AZA Finance.

According to AZA Finance, the following entities that are included in the chapter submission but are not a part of FTX are its entities:

B Switch Companies Limited UK
UK-only Exchange4Free Limited
Bitcoin Africa SA
Limited BT Fee Companies in Ghana Limited BT Fee Companies in Nigeria
Limited BT Fee Companies in Uganda
South African BT Fee Companies

Following a liquidity crisis sparked by rival Binance’s decision to remove its $530 million worth of FTX Tokens (FTT) from FTX and the disclosure that FTT represented the largest single entry on FTX business sister Alameda Analysis’s stability sheet, FTX was forced to seek for chapter protection. The floundering cryptocurrency alternative tried to raise capital after Binance withdrew from a planned acquisition of its non-US businesses in favour of chapter safety in the US.

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