BitFlyer CEO Yuzo Kano stated that the FTX collapse could create a domino effect and more bankruptcies could occur.
The collapse of FTX, which is called the second largest cryptocurrency exchange in the world, continues to shake the crypto industry. Finally, BlockFi is struggling with liquidity issues. The turbulent processes in the cryptocurrency market caused companies to have difficult days. It was noteworthy that the exchanges also started a transparency movement about their assets. Referring to all these processes, the CEO of bitFlyer compared the events to the domino effect of the 2008 crisis.
bitFlyer CEO Addresses Impact of FTX Crash
BitFlyer CEO Yuzo Kano stated that the process that started with the collapse of the FTX stock market could lead many companies to bankruptcy.
Kano described the events as a huge impact. The CEO stated that these effects look like the Lehman Shock of the 2008 crisis.
Referring to the regulations and inspections, the CEO of the exchange Kano underlined that his company has no agreement with FTX. Kano mentioned that Japan strictly protects users through a double layer of surveillance.
Also, Kano said that regulations and inspections are very important.
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