FTX rumbles Africa’s crypto market
In the wake of the collapse of crypto exchange FTX, authorities are stepping up their efforts to regulate the crypto space
The multibillion-dollar crash of FTX, arguably the world’s second-largest crypto exchange, has rocked confidence in the intangible asset class. The collapse may have proved crypto naysayers right — but it’s also hit traders, especially across Africa. Regulators are stepping in only now to try to save what is left of this “rogue market”.
The past two years have been hard for crypto speculators and investors alike. It’s been reminiscent of the Wild West: 27 crypto exchanges “died” this year, according to exchange tracker Cryptowisser; there are more than 1,700 “dead” crypto currencies, says crypto exchange 99Bitcoins; and in early November, Bank of America judged the bitcoin’ collapse to be the fifth-largest crash in history...
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