A U.S. judge approved the removal of the FTX Turkey subsidiary from the FTX bankruptcy case

ChainCatcher news, according to CoinDesk, a judge in the U.S. Bankruptcy Court for Delaware has approved the removal of FTX's Turkish subsidiary, FTX Turkey, from the FTX bankruptcy case. After FTX filed for bankruptcy in November last year, Turkish law enforcement announced that the company's activities in the country were under investigation, subsequently ordering the seizure of most of FTX's assets in Turkey. The new management of FTX in the U.S. argued that including FTX Turkey and SNG Investments (whose assets and activities are primarily limited to Turkey) in the restructuring plan was futile.

The court found that the request was in the best interest of FTX and its assets. The parent company, FTX Trading Ltd., owns 80% of FTX Turkey, while SNG Investments is wholly owned by Alameda Research. (CoinDesk)