'Self-custody is undoubtedly a better solution for protecting the interests of customers in crypto. Regulation alone is not enough,' Bitcoin․com's Joseph Collement detailed.
Don’t get us wrong, regulation is important. It’s like a flimsy umbrella on a sunny day – better than nothing, but not something you want to rely on during a monsoon. Just ask the folks at Gemini, who despite being the “most regulated” CEX out there, still managed to lose all of their “Earn” customer money. Talk about “earn-ing” a bad reputation! Ouch.
Working 5+ years full-time in crypto as a lawyer, I’ll dare to say that the problem with CEXes is not regulation , it’s the business model itself. When an entity takes control of customers’ funds, they’re incentivized to trade and gamble with that money, like a stockbroker playing blackjack with your retirement savings. Meanwhile, customers are left holding the bag when things go south.
And let’s not forget about hacking. To date, about $5 billion of users’ funds have been stolen in the past 3 years, with just under $3 billion just in 2022. But don’t worry, the DOJ is always here to protect you. With their massive blows to well known crypto criminal organizations like Bitzlato, they’ll make sure that your funds are safe.
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