FTX Wants to Sell Its Four Functioning Units

Reportedly, the embattled crypto exchange FTX​ has filed a document on Thursday, to seek permission to sell its four subsidiaries including FTX US Derivatives, FTX Japan, FTX Europe and Embed Business.

FTX US Derivatives was rebranded from LedgerX, which is a Commodity Futures Trading Commission (CFTC) regulated digital currency futures & options exchange and clearing house, and was acquired by FTX in October, 2021​. Embed Business provides a stock-clearing platform.

"Based on their preliminary review, the Debtors own or control a number of subsidiaries and assets that are regulated, licensed and/or largely not integrated into the Debtors' operations, within and outside of the United States," the filing said. "The Debtors believe a number of these entities have solvent balance sheets, independent management and valuable franchises."

The bankrupt crypto firm wants to sell these branches quickly, and notes that the sales would bring benefits to its creditors.

"A sound business purpose for the sale of a debtor's assets outside the ordinary course of business exists where such sale is necessary to maximize and preserve the value of the estate for the benefit of creditors and interest holders," the filing said.

Unlike some of FTX's other subsidiaries, the aforementioned subsidiaries' assets and funds remain segregated from FTX.