FTX, one of the world's biggest cryptocurrency exchanges, is commencing bankruptcy proceedings in the US
Mr Armstrong told Ian King Live:"One of the challenges out there is in the major financial hubs, we are seeing traditional financial services regulation applied to crypto companies, which is a great start.
The only part of the industry that has got some UK regulation is when dealing with crypto exchanges. For example, Binance - one of the world's biggest -Any crypto exchange must be registered with the Financial Conduct Authority as part of the regulator's responsibility to tackle money laundering. "I think it's very important for everyone to realise there's a big difference between the trusted and legitimate funds in crypto and some of these offshore exchanges that are not following the rules."Mr Armstrong admitted that the collapse of FTX had"set back" crypto's road to becoming a legitimate asset class.
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