FTX hopes to exclude its Dubai subsidiary from the US bankruptcy proceedings.

According to BlockBeats news on August 3rd, bankrupt cryptocurrency exchange platform FTX hopes to exclude its Dubai subsidiary FTX Dubai from the US liquidation process. FTX Dubai was established in February 2022 and is owned by the company's European branch, and is one of the entities involved in the lawsuit. FTX argued in the documents requesting the dissolution of the department that FTX Dubai did not conduct any business before applying for bankruptcy. In addition, FTX Dubai's balance sheet has the ability to pay off its debts. Therefore, the debtor believes that a voluntary liquidation process with the ability to pay off debts under UAE law will allow for timely distribution of positive cash balances after all outstanding debts have been paid and liquidated. A hearing on this matter is scheduled for August 23rd.