[SPONSORED] 'Don’t treat your crypto exchange as a bank,' says Matt Visser, co-founder of crypto investment company PetRockInvestments. Moneyweb FTXCollapse
The collapse of the FTX crypto exchange is a milestone event for cryptos, in large part because of its size and importance.
“People are treating crypto exchanges as places where they can buy and sell cryptos, and they expect the exchanges to provide them with safe custody. FTX has shown us the danger of doing that. This still won’t solve the problem of undisclosed liabilities which aren’t independently reported to clients. The solution points to what the traditional fund managers do – allow an independent firm to report directly to clients each month.
What’s also interesting is that nearly two-thirds of financial advisors own cryptos themselves, and that’s a higher percentage than financial advisors in the US.
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