AZ Finance Says FTX Exchange Erroneously Listed It As Part Of Its Bankruptcy

Global financial services firm, AZA Finance, has denounced FTX’s listing of 23 of its subsidiaries as part of its bankruptcy. AZ Finance asserted that its company or its subsidiary is not part of the FTX bankruptcy.

On Friday, FTX stated that the bankruptcy proceeding includes Alameda Research, FTX.com, FTX.US, and “approximately 130 additional affiliated companies”.

But to allay investors’ fears, AZA Finance, in a statement, noted that FTX’s listing of the company as part of their bankruptcy filing was done in a disorganized state, and AZ Finance is not part of the proceedings.

Founder and Chief Executive Officer of AZA Finance, Elizabeth Rossiello, also addressed the issue in a tweet, saying she was disappointed the company was named by FTX in its bankruptcy filing.

AZA Finance Says FTX Exchange Was Only A Client

AZA Finance reiterated that FTX Africa is one of its clients that use its payment infrastructure to settle some customers in Africa.

The firm further noted that both AZA Finance and FTX Africa collaborated to enable the expansion of Web3 technology in Africa. The partnership was for the establishment of safe, low-cost, and regulated payment rails.

However, FTX doesn’t have any ownership stake or control over AZA Finance and there was nothing linking both companies apart from the business relationship. “Our entities are not part of the FTX bankruptcy,” AZA Finance stated categorically.

AZA Finance said its entities listed on the FTX fling that are not part of the bankruptcy include BT Payment Services Ghana Limited, BTC Africa SA, Exchange4Free Limited UK, BT Payment Services South Africa, and B Transfer Services Limited.

Others include BitPesa Senegal Limited, BitPesa Kenya Limited, BTPesa Nigeria Limited, BitPesa RDC SARL, BitPesa Tanzania Limited, BitPesa South Africa, TransferZero, and B For Transfer Egypt.

FTX’s Woes Continue As $600 Million Disappears From Platform

Following Rival Binance’s decision to withdraw its $530 million FTX tokens (FTT) from FTX, the troubled crypto exchange was forced to apply for bankruptcy. FTX tried to gain more funds and prevent the collapse of the company by selling its non-US operations. But it finally opted for bankruptcy protection in the United States.

However, the crypto exchange’s woes continued after its platform was allegedly hacked, with $600 million of clients’ money mysteriously disappearing. FTX has already confirmed on its official Telegram channel that it has been hacked. The company advised users to delete all FTX apps and not to install any new updates.