Better regulations are needed to protect the financial system after the collapse of the FTX cryptocurrency exchange, a senior Bank of England official has said.
The value of Bitcoin, the world's largest digital currency, has dived by almost 70% in the last year. In his speech, Sir Jon noted that the UK's financial regulator, the Financial Conduct Authority, had been warning for several weeks before FTX's collapse that "this firm may be providing financial services or products in the UK without our authorisation… you are unlikely to get your money back if things go wrong".
Before FTX collapsed, its then-CEO Sam Bankman-Fried took every chance he could to describe his firm as "the most regulated" in the industry. Mr Ray, who replaced the company's founder Sam Bankman-Fried, criticised what he called a "complete absence of trustworthy financial information".
What about rules for banking in general? Remember 08? Banks need regulation before we even start on crypto.
Meanwhile major sports teams and players are promoting NFT scams all over the internet
Maybe not letting melons like Matt Hancock to promote it to gullible mugs might be a good idea
Totes unforeseeable.
Late to the party as always
Considering that SBF_FTX as the chief perpetrator of this fraud himself called for regulation of the entire crypto space, I would say that intensive regulation of cryptocurrency is long overdue.
That's like saying fraud needs to be regulated.
i think the rather odd thing with our rather modern younger intellectuals is where do they get their ideas from, it is incredible that the professors that taught them caught them predictive txt?
The phrase shutting the stable door after the horse has bolted come to mind.
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Crypto exchanges’ bundling of services threatens stability, says Bank of England official\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT. Reporting this for misinformation… elonmusk Twitter … the problem is Fractional Reserve Banking, of which crypto exchanges are a sub-category. Hold your Bitcoin keys or gtfo. Often regulations exist but they're not enforced properly. Is more regulation is the answer? Better application of existing rules and laws by the FCA and others against the big, bad actors, while relieving the burden on startups & emerging venturecapital funds would make sense. Just buy Bitcoin and Litecoin and stop worrying about it. Grab yourself a wallet and be your own Layer 1. You do not need them.
Source: FT - 🏆 113. / 51 Read more »
Source: NECN - 🏆 20. / 71 Read more »
Source: BBCTech - 🏆 81. / 55 Read more »
FTX businesses owe more than $3bn to largest creditors\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT. Have always said crypto was the tulip bulb idiot bubble of the 21st century, although even when virtually worthless tulips have a use value to cheer you up. What the feck can cypto tokens do?
Source: FT - 🏆 113. / 51 Read more »
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