FTX Dubai, which was created just months before the global crypto exchange collapsed last November, is asking to be exempt from U.S. bankruptcy proceedings, TheStreet.com reported. “FTX Dubai is balance-sheet solvent. Therefore, the debtors believe that a solvent voluntary liquidation procedure in accordance with the laws of the United Arab Emirates would allow a timely distribution of the positive cash balance after payment of all outstanding liabilities and liquidation of all assets," court documents said. Although the parent company went into bankruptcy proceedings in November, its decision to wrap up 102 affiliated entities scattered across the world in its proceedings has caused problems. FTX Dubai, for example, was owned by FTX's Europe arm. Now, FTX Dubai is claiming it was not engaged in business before the FTX collapse and has "no reasonable likelihood of rehabilitating its operations." It only wanted the ability to pay employee wages and benefits. The issue is pending a hearing at the end of the month.
