The global cryptocurrency industry has been slammed by setbacks, scandals and high-profile failures in recent months.
Regulators had to take over Signature bank, which was an important conduit into the regular financial system for numerous crypto firms, after a run on deposits.LONDON - The global cryptocurrency industry has been slammed by setbacks, scandals and high-profile failures in recent months, sparking a regulatory rush to protect consumers from fraud and scams.
The global crypto market stands at more than $1-trillion and has risen sharply in recent months, although it remains far below its 2021 peak of $3-trillion.The number of crypto customers"grew during the Covid lockdowns", Martin Walker, head of banking at the Dutch-based Center for Evidence-Based Management, told AFP.
Added to the picture, cryptocurrencies can experience volatile price swings and their value is not determined via transparent markets -- as is the case with traditional currencies, stocks or commodities.
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