The implosion of FTX has left negative footprints in the industry, but it has exposed several other projects running similar schemes in the wake of harsher scrutiny.
Shark Tank star Kevin O’Leary has predicted the end of many unregulated exchanges saying that they would collapse like FTX if regulation is not beefed up. Speaking at an interview on KITCO, he stated that post FTX, unregulated exchanges will fall like dominos.
At the moment, numerous unregulated digital asset exchanges are recording high daily volumes. Unregulated exchanges are exchanges that are not under the supervision of authorities and are not subject to regular audits.