Lack of regulatory oversight led to FTX collapse says PH crypto exchange


Posted at Nov 22 2022 01:21 PM

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An official of a Philippine cryptocurrency exchange believes the lack of regulatory oversight led global crypto player FTX into making bad judgments leading to its eventual collapse. 

Philippine Digital Asset Exchange (PDAX) founder and CEO Nichel Gaba said that in contrast, the Philippines has very strict regulations on crypto, which means the company doesn’t lend out customers’ funds.

Gaba said the “worst is probably” over for the crypto market following the collapse of FTX.