With the rapid advancement of cryptocurrency & blockchain technology, an effective framework for regulation is more vital than ever. Unfortunately, many people are learning this the hard way.
Several companies, including the largest cryptocurrency exchange on the planet, are currently facing intense legal scrutiny from regulators all over the world. Unfortunately, their users are paying the price. One major exchange in the UK locked withdrawals, meaning traders literally have no access to their own funds. Nor do they know if they will ever get their money back.
Moreover, these exchanges that shunned regulation & compliance are being forced to remove trading features, delist assets, and one industry-leading CEO has even discussed stepping down. This trend is sure to continue for unregulated exchanges as nations develop new regulatory frameworks.
Therefore, traders are now seeking out transparent companies they can trust. The crypto market is starting to embrace fully regulated exchanges. CoinMetro, for example, has championed the cause of regulation & compliance in all areas of cryptocurrency right from the outset.
But it wasn’t long ago that CoinMetro was being mocked. Compliance had become a running joke among crypto enthusiasts. Other exchanges turned their backs on regulators, and rose to prominence for doing so. These companies allowed anyone, anywhere in the world to use their platform without conducting the levels of due diligence required by financial markets in many regions worldwide. Now, they’re paying for that extremely short-sighted mistake.
When Kevin Murcko, an experienced FinTech professional, launched CoinMetro three years ago, many cryptocurrency investors had already been conditioned toward working with unregulated exchanges. They like a quick bang-for-their-buck and weren’t used to CoinMetro’s compliance measures initially.
CEO & Founder Kevin Murcko and his team at Coinmetro were focused on building the foundations of a serious financial institution, and allocating significant resources toward a proper legal framework & compliance. All while Murcko was predicting this day would come for non-compliant crypto companies.
"Other exchanges took advantage of the ‘Wild West’ crypto market. These unregulated platforms are now in the sights of regulators across the world and it’s coming back to bite them, as well as their clients," said Kevin Murcko, CEO & Founder of CoinMetro.
"Just look at our company slogan 'Moving Crypto Forward', this is embedded into our ethos. Our focus was not on creating hype, or paying celebrities to pump up the price of our native utility token, XCM. We focused on building a real company that will stand the test of time," said Kevin Murcko.
In summary, crypto needs companies like CoinMetro who embrace compliance & regulation. The accountability, transparency, & trust they provide is necessary to fuel the mass adoption of cryptocurrency & blockchain technology.