The cryptocurrency exchange FTX, which was in financial difficulty, reached an agreement to settle a dispute related to its European division. As a result, the company was returned to its previous owners.

According to a Reuters report, FTX agreed to sell FTX Europe to its founders for 32.7 million US dollars. This agreement suggests that the company had difficulty finding other interested buyers.

It is important to remember that FTX Europe was originally acquired in 2021 by Swiss startup Digital Assets AG (DAAG) in a deal that amounted to 323 million dollars.

Before accepting the sale, FTX attempted to recoup the funds it had invested in the acquisition. The exchange filed a lawsuit alleging that the purchase had been financed with client funds and arguing that the purchase price was a “massive overpricing”.

The founders of the startup, Patrick Gruhn and Robin Matzke, denied the allegations and counterattacked, requesting $256.6 million from FTX. According to Reuters, the dispute was finally resolved on February 21.

FTX Europe was also part of FTX’s presentation at Chapter 11 in the United States in November 2022. Several cryptocurrency exchanges showed interest in acquiring the European division after its bankruptcy, hoping to gain a share of the regional market that FTX had left.

K. Tovar

Source: iHold

(Reference image source: Kachanara, Unsplash)

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The European Union (EU) took the decision to remove the Bahamas, Belize, Seychelles and the Turks and Caicos Islands from its list of tax havens. However, Panama remains on that list. This measure has been the subject of controversy and has given rise to conflicting views.

The list, which was approved by the 27 EU member states, now includes 12 jurisdictions considered to be non-cooperative in tax matters, particularly with regard to the exchange of information.

The eliminated jurisdictions have been criticized. Oxfam, a group dedicated to fighting poverty, called the update “a waste of time.”

According to Oxfam tax expert Chiara Putaturo, “The Bahamas is one of the worst tax havens in the world, but it has been removed from the list. The same is true of the Seychelles, a hotbed of shell companies where multinationals make huge profits.”

On the other hand, the European Council regrets that these jurisdictions still do not cooperate on tax matters and urges them to improve their legal framework to address the problems identified.

It is important to note that the list of tax havens was created in 2017 after a series of scandals, including the famous “Panama Papers” case, which pressured Brussels to take drastic action against tax evasion.

K. Tovar

Source: Bancaynegocios

(Source image reference: @_NOALCOMUNISMO, X)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada The European Union removed several territories from its list of tax havens apareció primero en Bitfinance.