Editorial Board
What Have We Learned From the FTX-Binance Debacle?
Instead of revolutionizing finance, crypto is largely repeating its mistakes. Let the buyer beware.
You see, the thing is ...
Photographer: Ting Shen/Bloomberg
Cryptocurrencies were supposed to usher in a new and better era of finance. Instead of relying on fragile, stodgy and often discriminatory banks for deposits, loans and the like, people could transact directly through platforms brilliantly designed to obviate the need for trust.
If further evidence was required, the travails of cryptocurrency exchange FTX.com this week have demonstrated just how far from that ideal crypto remains.