Viktor Prokopenya, London-based fintech investor and founder of Currency.com, Capital.com and VP Capital
“Over the last few days, FTX one of the major crypto exchanges collapsed with many investors now unable to withdraw their funds. There are current regulations in place for cryptocurrencies and for good reason. This is one of them. Regulation protects both investors and the industry by creating transparency and accountability.
As a result of this collapse, this may prompt previously crypto-friendly governments to over-regulate the industry through further restrictions. It’s like driving a car, if you slow the speed down to 5MPH, it does not mean you’ll have no accidents. It’s just going to prevent growth and maturation of the industry. We need the right responsible regulation, not a knee-jerk reaction.
Traders need to be extremely cautious about buying Bitcoin now as the price can fluctuate by thousands of dollars in seconds. Be careful and do not trade with leverage.”
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