Here’s how the crypto industry evolved following one of its most notorious black swan events, the downfall of the FTX exchange, which caused $8.9 billion of lost user funds., a Cointelegraph series that brings readers back to the most significant events in the crypto space. Powered by Phemex, the timeline allows crypto community members to explore and look back at the important events that shaped the industry into what it is today.
In June 2023, the SEC sued Coinbase and Binance Exchange for alleged securities violations. In the lawsuit against Binance, the SEC alleged that the company and its founder, Changpeng Zhao, had misappropriated billions of user funds.As for the Coinbase lawsuit, the SEC claimed that the exchange operates as an unregistered exchange, broker, and clearing agency and violated securities laws by listing 13 tokens it alleged were securities, according to the lawsuit filed in June 2023.
By the end of November 2022, Binance launched its Proof-of-Reserves system, which shows the amount of underlying assets the exchange holds on behalf of users. This third-party audit aims to show users that the exchange can meet any potential withdrawal requests. Binance’s main assets were overcollateralized by at least 102% as of April 12, according to its PoR
“Although countries have different stances with some being more crypto-friendly than others, they all work towards the same goal of providing a framework that prevents Anti Money Laundering with ample Know Your Client processes in countries that do not outright ban it.” “An important aspect that is often overlooked is the role of member state laws in applying this regulation, as these laws will create the supervisory framework in the respective country.”
“Although regulation and compliance have stepped up in regulated entities, it does not mean it will not happen again even if we can expect better risk management from these entities. Overall, self-custody will still be the safest as you are in control of your own funds as long as you take sufficient risk mitigations of not clicking on phishing or scam links that may drain your wallet.”
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History of Crypto: Crippling inflation, rising debt, and the evolving crypto landscapeExplore the history of crypto amidst crippling inflation, rising US debt, and transformative events like FTX's collapse and Ethereum's proof-of-stake shift. Dive into the evolving landscape of the cryptocurrency industry.
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