--- title: "FTX Trading Ltd.'s subsidiaries and what became of them" language: en canonical: https://dossiertwist.com/dossiers/ftx-trading-ltd/subsidiaries/ as_of: 2026-10-21 keywords: ["FTX Trading Ltd","FTX.com","FTX Trading Limited","Sam Bankman-Fried","Alameda Research","Paper Bird Inc.","Dotcom Silo","FTX Digital Markets","FTX Europe AG","FTX EU Ltd","FTX Japan","West Realm Shires","FTT","Chapter 11","FTX Recovery Trust","John J. Ray III","Caroline Ellison","Gary Wang","Nishad Singh","CFTC consent order"] --- # FTX Trading Ltd.'s subsidiaries and what became of them **Question.** Where were FTX Trading Ltd.'s subsidiaries organized, what did they do, and what happened to them? **Answer.** FTX Trading Ltd.'s subsidiaries were organized in Antigua and Barbuda, the Bahamas and a dozen other jurisdictions; several of the Antigua companies were dormant, while others held licences or ran businesses in Gibraltar, Singapore, Cyprus, Australia, Japan and Switzerland, with a holding company in Canada. Since the collapse many have been wound up: FTX (Gibraltar) and FTX Canada were struck off in 2025, FTX Equity Record Holdings in 2026 and two Singapore companies were dissolved, and Gibraltar's regulator cancelled Zubr Exchange's permission in December 2022. The ownership statement also lists BTC Africa S.A., a Luxembourg company, as wholly owned by FTX Europe AG; AZA Finance says FTX neither owns nor controls it and that it was listed in error, and the point is unresolved in the record. ## Where the debtors were organized - Analysis: A list of the FTX debtors filed on 8 October 2026 gives their places of organization. FTX Trading Ltd. and eight of its subsidiaries (Allston Way, Bancroft Way, Deep Creek, Global Compass Dynamics, LT Baskets, Mangrove Cay, West Innovative Barista and Western Concord Enterprises) are Antigua and Barbuda companies; FTX Property Holdings Ltd. and Technology Services Bahamas Limited are Bahamian; FTX Services Solutions Ltd. is in the British Virgin Islands and FTX Equity Record Holdings Ltd. in Seychelles; FTX EMEA Ltd. and FTX EU Ltd. are Cypriot; FTX Europe AG is Swiss; and the list continues with Hong Kong (FTX Hong Kong Ltd.), Japan (FTX Japan Holdings K.K.), Singapore (FTX Digital Holdings (Singapore) Pte Ltd. and Quoine Pte Ltd.), Gibraltar, Canada, Nigeria (FTX Zuma Ltd.), Ireland (GG Trading Terminal Ltd.), Australia (Hive Empire Trading Pty Ltd.) and Delaware (Blockfolio, Inc. and Crypto Bahamas LLC). [src-101] - Analysis: The same exhibit, attached to the FTX Group's proof of claim of 31 October 2024 against Silvergate Capital Corporation, places the companies of the other silos in Delaware (Paper Bird, the three West Realm Shires companies, Alameda Research LLC, Clifton Bay Investments, Island Bay Ventures, North Dimension Inc. and North Wireless Dimension Inc.), the British Virgin Islands (Alameda Research Ltd. and FTX Ventures Ltd.), Seychelles (Maclaurin Investments Ltd.) and Antigua and Barbuda (Euclid Way Ltd.). FTX Ventures Ltd, a British Virgin Islands company with registration number 2089169, was still a debtor when John J. Ray III signed a share purchase agreement for it as seller in January 2024; a venture-data profile describes it as an inactive or dissolved fund-management vehicle founded by Bankman-Fried and affiliated with Paper Bird. [src-101] [src-098] [src-116] ## What the companies did, by the debtor's account - Analysis: FTX Trading Ltd.'s statement of financial affairs describes eleven of its companies as dormant: the eight Antigua companies listed above, FTX (Gibraltar) Ltd, FTX Hong Kong Ltd and Technology Services Bahamas Limited (Marsh Harbour, Abaco). It gives the business of the others: Blockfolio Holdings (holding company), Crypto Bahamas LLC (conferences and events in the Bahamas), FTX Australia Pty Ltd (an ASIC-licensed derivatives and market-making firm), FTX Canada Inc (holding company for Canada), FTX Digital Holdings (Singapore) (digital payment token services), FTX Digital Markets Ltd (software platform and marketplace, New Providence), FTX EMEA Ltd. (intermediate holding company in Limassol), FTX Equity Record Holdings (investment holding), FTX Europe AG (financial instrument structuring), FTX Japan Holdings (holding company) and FTX Japan Services (employment), FTX Malta Holdings (holding company), FTX Products (Singapore) (a digital token trading platform), FTX Property Holdings (real estate, Nassau), FTX Services Solutions (employment, Tortola), FTX Turkey (trading vehicle, Istanbul), FTX Zuma (local marketing, Lagos), GG Trading Terminal (new market development, Dublin) and Innovatia (systems design and consulting). The dates the statement gives are those of FTX Trading's interest in each business, not necessarily incorporation dates, and for several companies they differ from register data. [src-011] ## Gibraltar: Zubr Exchange and FTX (Gibraltar) - Analysis: In September 2021 a Gibraltar law firm announced that it had advised FTX Trading Limited on buying the Zubr group, that Zubr Exchange Limited had obtained the Gibraltar Financial Services Commission's approval as a distributed ledger technology provider, and that one of its partners, Aaron Payas, had joined Zubr Exchange's board as a non-executive director. An article by another Gibraltar law firm described ZUBR Exchange as a regulated digital asset derivatives exchange whose sole registered shareholder was the Cypriot company Innovatia Limited. On 29 December 2022 the Commission cancelled ZUBR's permission to conduct regulated activities; it said ZUBR had no customers at the time. Zubr Exchange's own Chapter 11 case was dismissed at the debtors' request on 13 November 2023. [src-076] [src-044] [src-077] [src-068] - Analysis: That firm's article also reported that FTX (Gibraltar) Limited had a single shareholder, FTX Trading Limited, and a single registered director, Bankman-Fried, who was also a director of ZUBR. Register data give it company number 121225 and an incorporation date of 3 June 2021, record a notice of 16 February 2023 that it had no authority to use its registered address, and show it struck off and dissolved on 2 May 2025. FTX Trading's statement of financial affairs dates its interest in the dormant company from 21 February 2020, earlier than the register's incorporation date. [src-044] [src-039] ## Singapore, Cyprus, Australia, Canada and Seychelles - Analysis: Singapore register data show FTX Digital Holdings (Singapore) Pte. Ltd. (incorporated 24 August 2021, paid-up capital USD 2,250,000) still live, with claims.ftx.com as its website, while FTX Products (Singapore) Pte. Ltd., formerly Jondal Partners, and Analisya Pte. Ltd. went through members' voluntary winding-up and are recorded as dissolved, FTX Products by March 2026. In Cyprus, Innovatia Ltd (registered 2016) and FTX Emea Ltd. (formerly Wickerby Ltd., registered 2022 and in liquidation since 12 January 2026) share an address in Nicosia; FTX Crypto Services Limited is also registered in Cyprus (HE 435708). The same register data list Kurt Steven Knipp as a director of Innovatia, FTX Crypto Services and FTX Emea, A.T.S. Services Limited as Innovatia's secretary and, in another data network, Knipp and Jurg Bavaud as former directors of FTX Emea. [src-071] [src-114] [src-083] [src-113] [src-018] [src-115] [src-090] [src-074] - Analysis: GLEIF records FTX Australia Pty Ltd (LEI 5493003XQMG50N1JVU05) as the only direct child entity of FTX Trading Limited reported in the LEI system; the child's registration has lapsed. FTX Canada Inc, an Alberta corporation listed in the debtors' ownership statement as owner of Bitvo, Inc., was incorporated on 10 June 2022 according to the Alberta register and struck off and dissolved on 15 August 2025; FTX Trading's statement of financial affairs dates its interest in the Canadian holding company from 22 May 2018, before that incorporation date. In Seychelles, FTX Equity Record Holdings Ltd. was struck off the register on dissolution with effect from 17 September 2026. [src-004] [src-043] [src-005] [src-072] - Analysis: The debtors' ownership statement lists BTC Africa S.A. as wholly owned by FTX Europe AG. A company-data profile identifies BTC Africa S.A., also known as BitPesa, as a Luxembourg company founded by Elizabeth Rossiello, without naming an owner. On the day of the FTX filings AZA Finance, whose chief executive is Rossiello, said that neither FTX nor any associated entity owned or controlled AZA Finance or its entities, including BTC Africa, that its entities were not part of the FTX bankruptcy and had been listed in error, and that FTX Africa had been a customer of AZA Finance. No share register or purchase agreement for BTC Africa was retained, so whether FTX Europe AG owned it remains unresolved in the record. [src-005] [src-081] [src-109] ## Sources - [src-101] Court record source · src-101 - [src-098] Purchase and sale agreement between FTX Ventures Ltd. and Dave Inc. (Exhibit 10.1), U.S. Securities and Exchange Commission, 2024-01-04 - [src-116] Corporate registry source · src-116 - [src-011] Court record source · src-011 - [src-076] Company statement source · src-076 - [src-044] Other source · src-044 - [src-077] Statement on ZUBR, Gibraltar Financial Services Commission, 2023-01-11 - [src-068] Court record source · src-068 - [src-039] Corporate registry source · src-039 - [src-071] Corporate registry source · src-071 - [src-114] Corporate registry source · src-114 - [src-083] Corporate registry source · src-083 - [src-113] Corporate registry source · src-113 - [src-018] Corporate registry source · src-018 - [src-115] Corporate registry source · src-115 - [src-090] Corporate registry source · src-090 - [src-074] Corporate registry source · src-074 - [src-004] GLEIF direct-children record for LEI 894500686R5LFMX57208, Global Legal Entity Identifier Foundation (GLEIF), 2026-10-21 - [src-043] Corporate registry source · src-043 - [src-005] Court record source · src-005 - [src-072] Official Gazette of the Republic of Seychelles No. 61, Government of Seychelles, 2026-10-12 - [src-081] Company statement source · src-081 - [src-109] Corporate registry source · src-109