FTX's bankruptcy trustees hope to suspend the bankruptcy proceedings of its Dubai branch

ChainCatcher news, according to CoinDesk, FTX seeks to exclude its Dubai branch from the U.S. bankruptcy proceedings, as stated in court documents filed on Thursday. Previously, when FTX filed for bankruptcy in the U.S., it initiated Chapter 11 proceedings for its 102 affiliated entities, with FTX Dubai being one of them. However, FTX Dubai did not conduct any business prior to the bankruptcy filing in the UAE, and additionally, FTX Dubai's balance sheet is solvent.

The clients believe that the relief procedure "is necessary" to protect the debtors and authorize them to pay pre-bankruptcy wages and salaries, as well as other compensation, benefits, and expenses paid to employees in Dubai. A hearing on this matter is scheduled for August 23.