Crypto Trade Needs More Oversight As Failure Of FTX Exchange Shows - Yellen

WASHINGTON (UrduPoint News / Sputnik - 17th November, 2022) The cryptocurrency trade needs greater oversight to ensure investor protection as the recent failure of the FTX exchange for digital coins shown, US Treasury Secretary Janet Yellen said Wednesday.

"The recent failure of a major cryptocurrency exchange and the unfortunate impact that has resulted for holders and investors of crypto assets demonstrate the need for more effective oversight of cryptocurrency markets," Yellen said in a statement.

FTX announced last week that it was filing for bankruptcy, sending Bitcoin and other notable digital currencies plunging anew. FTX was ruined after rival digital Currency exchange operator Binance walked away from a proposed acquisition and left it scrambling to raise about $9.4 billion from investors and rivals, a task it wasn't up to.