As a researcher with experience in following the cryptocurrency market closely, I find the discussion between Kaushik Sthankiya, the global head of banking and payments at Kraken, and Sonia Shaw, the president of CoinW, at the Money20/20 event insightful. The FTX collapse in 2022 cast a shadow over the crypto ecosystem, leaving many questioning the trustworthiness of cryptocurrency exchanges.
At the Money20/20 conference in Amsterdam, Kraken’s global chief of banking and payments, Kaushik Sthankiya, and CoinW’s president, Sonia Shaw, shared insights on the current condition of cryptocurrency exchanges.
In 2022, the failure of FTX sparked doubts and fears within the cryptocurrency community, leading many traders and investors to question the reliability of crypto exchanges.
Shaw maintains that the industry is in the process of recuperating from the FTX implosion, simultaneously working on restoring public trust through regulatory intervention.
She acknowledged that things are in the process of returning, but we haven’t fully recovered to last year’s level. We’re still in the initial phase of the market bouncing back, so it’s essential to rebuild consumer and regulatory confidence.
The president of CoinW announced that the cryptocurrency exchange is broadening its reach into the Middle East, while continuing to work through the complex regulatory requirements in the region.
Additionally, Kraken’s Sthankiya noted that the exchange is primarily concentrating on expanding its range of offerings and entering fresh markets, all the while adhering to regulatory requirements. He underscored Kraken’s exceptional customer service, substantial liquidity, and compliance as its primary advantages over competitors such as Binance, which have encountered regulatory challenges.
Sthankiya noted that the authorization of Bitcoin (BTC) Exchange-Traded Funds (ETFs) in the United States brought about an extraordinarily favorable effect on cryptocurrency trading on traditional exchanges (CEXs).
As a cryptocurrency analyst, I’ve had the opportunity to engage with several industry experts recently, and their perspectives on the crypto ecosystem have been encouraging. The head of banking at Kraken, for instance, expressed his belief that Crypto Exchanges (CEXs) are instrumental in fostering wider adoption of digital currencies.
As a crypto investor, I believe Shaw’s prediction holds weight. The regulatory landscape for cryptocurrencies varies significantly across jurisdictions, leading me to anticipate that the crypto market may shift from being dominated by global players towards more locally-focused entities.
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2024-06-05 13:32