So, youve deposited some cryptocurrency onto an exchange. You expect that these funds will be held in your name as a liability, with safeguards in place to make sure that you can withdraw them when you wish.
However, this is not necessarily the case.
Sitting down with Magazine, Simon Dixon, CEO of global online investment platform BnkToTheFuture, warns that the murky lines between regulations in the crypto industry mean that customers must be extremely cautious about where they stash their crypto.
Take FTX for example. Dixon notes that former FTX CEO Sam Bankman-Fried allegedly treated customer funds as if they were his own, tipping billions into Alameda Research.
Read also Features Features In November last year, Bankman-Fried was called before Congress to testify about the exchange’s collapse. (C-SPAN)
Kim Kardashian settled a lawsuit for $1.26 million for promoting an unregistered security on Instagram. (Going Concern) Subscribe The most engaging reads in blockchain. Delivered once a week.
Continue Reading on Coin Telegraph
