Abstract
Governments and market regulators are debating and deliberating on matters of concern and benefits of treating cryptocurrencies as an asset or a currency so that they can tax them accordingly. 2022 has shaken the financial markets with the onset of the worst crypto winters in cryptocurrency history on one hand and the collapse of a few cryptocurrencies and the exchanges that facilitate investing and trading in them. These events brought chills to the stakeholders, who began questioning the stability of the cryptocurrency and the functioning of various exchanges. Cryptocurrencies promise to be the future of currency, and hence, there is an immediate need to protect investors by regulating them – especially those cryptocurrency exchanges running in a centralized form. The case examines the collapse of FTX and other financial institutions because they exposed the structural weaknesses existing in the system. The case also examines competitor business strategies to protect themselves from such incidents and stresses the need for governmental and regulatory interventions.
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