Atlanta, Georgia – On December 6, 2022, an Order to Cease and Desist (“Order”) issued by the Georgia Department of Banking and Finance (“Department”) to West Realm Shires Services Inc. d/b/a FTX US (“FTX US”), NMLS No. 1957771, located at 167 N Green Street, Suite 1102, Chicago, Illinois 60607, became final.  As a result, the Georgia seller of payment instruments license previously issued to FTX US expired as of the date that the Order became final, on December 6, 2022, and is no longer valid.  O.C.G.A. § 7-1-694(a)(3).  Without a valid license, FTX US is not authorized to engage in the sale of payment instruments or money transmission in Georgia.  O.C.G.A. § 7-1-681.

The Order to Cease and Desist was issued by the Department after it received notification that the surety bond issued to FTX US would be cancelled.  Georgia law requires all licensed sellers of payment instruments and money transmitters to operate under a valid bond in form and terms acceptable to the Department as a continuing requirement of licensure.  O.C.G.A. § 7-1-683.2. 

Pursuant to O.C.G.A. § 7-1-689(l)(7), the Department may make available to the public the terms or a copy of any bond filed by a licensee.  Accordingly, a copy of surety bond no. CMS345225 issued by RLI Insurance Company, NAIC No. 13056, related to the Georgia license previously held by FTX US is included with this press release.  

Georgia residents who wish to file a claim against the surety bond in connection with outstanding balances that may be owed to them by FTX US may contact the surety via email at [email protected], telephone at (800) 444-0406, or its online claims portal at https://www.rlicorp.com/rli-claim.  The Department does not administer the bond claim process.  Please note that the bond only covers certain liabilities of FTX US that are within the express terms of the bond.   

On November 11, 2022, FTX Trading Ltd. and related entities, including West Realm Shires Services Inc. d/b/a FTX US, filed petitions for Chapter 11 reorganization in the United States Bankruptcy Court of the District of Delaware.  Information about the cases, including the form for submitting a claim, is available online at https://restructuring.ra.kroll.com/FTX/.

Georgia consumers seeking guidance about their options for how to proceed may wish to consult with their own attorney, as the Department cannot provide legal advice.

 

Contact:

Rod Carnes
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
E-mail: [email protected] 

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