The FTX breakdown has created a high level of doubt and fear among crypto investors and users. Investors are afraid to make a move on cryptocurrency after facing huge losses in the backdrop of recent events. Recently, Jon Cunliffe, the Bank of England (BOE) deputy governor, said cryptocurrency trading is “too dangerous.”
In an interview with Fox News, Jon Cunliffe recently highlighted the former FTX CEO Sam Bankman-Fried arrest in the Bahamas. He said that to avoid crypto crashes and to protect investors, crypto assets must be regulated like traditional finance. If no action is taken on digital assets, it won’t be long before another FTX happens in the crypto market.
After FTX collapsed, nearly one million users could not withdraw their assets from the platform. Fox News mentioned more than 80,000 FTX customers are in the United Kingdom to protect the investors in the “casino” of crypto trading. Cunliffe said strict regulations on digital assets are needed.
He said, “It is
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