, an entity that fails to meet its obligation file for protection under 11 of the United States Bankruptcy Code. Taking this step allows the defaulting entity to recapitalize and eventually emerge from bankruptcy with more equity than debt.issued on the same day that the crypto exchange filed for bankruptcy, the “shocked and disappointed” CEO claimed that unlike FTX, which is accused of misappropriating user funds, AZA Finance does not store digital assets on behalf of customers.
“AZA Finance is licensed in multiple jurisdictions as a payments provider. We do not hold customer funds and never have. Less than 10% of our transactions across all of our entities are via digital currencies,” explained Rossiello.In the statement, Rossiello acknowledges that her company had earlier in the year partnered with FTX Africa. However, according to the CEO, AZA Finance’s so-called commercial partnership with FTX was intended to help the crypto exchange expand Web3 in Africa.
Therefore, instead of being an owner of AZA Finance, the crypto exchange went on to become a customer of the payments firm. The CEO added:BTC Africa. Our entities are not part of the FTX bankruptcy. In its disorganised haste, FTX erroneously listed our entities in their bankruptcy filing. In the statement, Rossiello goes on to name more than 20 entities that “are not impacted by the FTX bankruptcy in any way.” The CEO ended her statement by urging other fintechs to “adhere to global regulation and industry best practices.”Tags in this story
Neither FTX nor any of its affiliated entities own or control AZA Finance or our entities, including BTC Africa. Our entities are not part of FTX's bankruptcy. In its disorganized haste, FTX mistakenly listed our entity in its bankruptcy filing.
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