that he was attracted to the country’s friendlier regulation and less-stringent Covid restrictions than Hong Kong, where it had been located.
The company started buying luxury residential properties, too, making “a big splash in a small pond” of the island market, said Boeuf, who wasn’t involved in any of the transactions but has spoken to agents who were. Only some of the property purchases have surfaced publicly, including at least $74.
FTX also made efforts to build local roots. The company, in partnership with a local nonprofit, had committed to expanding and revitalizing a community center in Nassau’s Bain & Grants Town, a landlocked district that’s poorer than some of the waterfront areas. “But many Bahamians couldn’t honestly say that they engaged with the platform in a substantive way,” he said. “It was still mostly a platform for foreign investors.”A law student on the island, who asked to remain anonymous, said while the government pointed to FTX as an opportunity for growth, it also gave the impression it would move cautiously.
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