Since the advent of Bitcoin, and the subsequent proliferation of cryptocurrencies, there have been concerns over the regulatory challenges posed by the crypto universe. Over the years, numerous instances of fraud, scams and other illicit activities have come to light. For instance, in 2022, FTX, a cryptocurrency exchange, collapsed, and its founder Sam Bankman-Fried was convicted for fraud and conspiracy to launder money. In 2023, Changpeng Zhao, founder of Binance, the world’s largest crypto exchange, pleaded guilty to violating US anti-money laundering laws. Crypto exchanges have been levied with fines, penalties and settlements........

© Indian Express