Recently, crypto exchange companies have been highlighted as the most nefarious enterprise in the financial market. Numerous companies have been reported breaching the crypto rules and finally ending up collapsing and leaving the investors helpless.FTX was involved in countless scandals and it end up frustrating their clients’ investments.FTX’s ripple effect extended to all financial sectors and this was the force behind the flop of Silicon Valley Bank, Signature Bank, and Silvergate Bank.
FTX exchange company’s vexatious behavior was an opener for Security Exchange Commission, which elicited SEC to tighten the regulations to curb any maladministration in the financial market ecosystem. Last week SEC accused Binance and Coinbase the major Crytpo exchange companies of breaching the laws.SEC raised more than 10 charges against Binance citing that their malversation could have frustrated the clients’ investments at a later date.
Nowadays investors are always on the lookout and informed of any unscrupulous activity in the crypto world and they don’t hesitate to withdraw their hard-earned investments. Discreditable deeds charged against binance and coinbase have seen investors make colossal withdrawals which have resulted in major cryptos sliding by a big percentage.
Cryptocurrency bankability remains dubious especially in this dispensation when we are at the height of hollow-hearted cryptocurrency companies.
THE IMPETUS BEHIND THE CRYPTO WORLD FALL-OFF
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