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Crypto investors should look in the mirror when apportioning blame

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Benjamin Cher

Benjamin Cher

Published Tue, Nov 22, 2022 · 05:50 AM
    • As the crypto markets enter another winter, retail investors should take stock and assess if crypto investing is for them.
    • As the crypto markets enter another winter, retail investors should take stock and assess if crypto investing is for them. PHOTO: REUTERS

    THE Monetary Authority of Singapore (MAS) has issued yet another statement about the implosion of crypto exchange FTX, and the central bank’s role as regulator.

    At the risk of sounding like a broken record, MAS has reiterated again that trading in cryptocurrencies is “highly hazardous”. It is a mantra that has been repeated since 2017, but appears to be still needed because retail crypto investors continue to point fingers and blame MAS for their losses in the FTX implosion.

    Some investors have complained that they were forced into the arms of FTX because of an MAS move “banning” FTX’s competitor Binance. Prior to its implosion, FTX was the second-largest crypto exchange – behind Binance.

    Hock Lock SiewBinanceFTXMonetary Authority of SingaporeCryptocurrencies

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