The saga has also prompted an increasing number of investors to ask questions and demand more from the crypto firms they use From m_zadikian
Enforcement of regulations
"Even though Canada has this well-defined regime, and Bitvo and a few others are a part of it, there're still a lot of platforms able to operate in Canada without being a part of that regime. The regulators are trying to pull them in, but again, it's not happening fast enough to protect consumers from these failures, like you saw at FTX," Draper said.
One of the issues at FTX was that customer funds were unknowingly being transferred to Bankman-Fried's trading firm Alameda Research. "You need a fair amount of information to get a holistic picture of what's happening inside of those businesses," he said. "If you are a customer on FTX, and you knew the extent of their financial situation — and that they were lending out your funds and your funds weren't necessarily accessible to you when you wanted them — you would have made different decisions with your money," Bitvo's Draper said.
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