FTX Crumbles, No More Than 5 Crypto Exchanges Will Survive

FTX, the world’s second-largest cryptocurrency exchange platform, recently experienced liquidity problems. FTX’s FTT token fell by 14% in 24 hours and 44% in one week, and the exchange processed $450 million in outflows.

Currently, many countries are introducing and implementing regulations over cryptocurrency, and the competition between different cryptos has been heated. FTX was the first exchange that contacted and wanted to work with Himalaya Exchange before being “ended” by the CCP-backed Binance. The legal and debt issues will cost FTX everything, and FTX probably needs help to afford its legal fees. Another source said that the biggest victims of the FTX turmoil are the vast majority of ordinary investors who have been blocked from the truth, including the Ontario Teachers’ Pension Plan, which invested about ($400 million)* into the exchange last year and now is caught up in the crisis. Miles believes that before the global regulation covering cryptocurrency is officially implemented in 2023, most of the existing crypto exchange platforms will disappear. Only those that follow government regulations can survive, and Binance and Huobi will only last because of their illegal trading practices.