Securities.io – A Nightmare on Crypto Street
2022 was not a good year for global anti-money laundering. Fines rose by more than half on the previous year, topping £4bn, according to recent data. And if it wasn’t a good year for financial institutions across the board, crypto had an absolute nightmare. Across crypto, financial penalties were up 90 per cent, the industry shed a huge $1trn of market cap across just a few months, and the year was topped off by FTX’s Christmas collapse and the chaos that followed.
With all of this going on, you’d be forgiven for asking whether crypto as a whole was on the chopping block.
It’s not. Despite all the issues, crypto’s revolutionary promise remains. Two-thirds of central banks plan to issue their own digital currencies in the next decade. But something needs to be done, or the worst could be yet to come for the crypto industry.
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