Jesse Powell: The Crypto Industry Should Raise Its Standards

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CEO and co-foundercryptocurrency exchange Kraken believes that the cryptocurrency industry too easily accepts outright scammers chasing profit into its ranks, for which it pays.

Jesse Powell spoke aboutthe situation surrounding the FTX crypto exchange crisis. According to the businessman, most participants in the crypto industry are too trusting for no apparent reason. Powell is confident that the current situation should open the industry's eyes to the abundance of scammers and incompetent people:

"Our approach makes us an ideal target forscammers: some participants in the crypto industry sometimes almost directly say that they came into the industry for the money, and not for the sake of innovation and technology, and we accept them, amazed at their honesty. However, when a disaster happens, we wonder how it happened. I think we need to raise our standards."

The head of Kraken emphasized that the situation with FTX will not significantly affect his company and its users, but noted that in general the damage to the crypto industry will be enormous.

A stock market explosion of this magnitude, saysPowell is a gift to all the haters of Bitcoin and cryptocurrencies in general, as he provides the excuse that these people have been waiting for a long time to justify their attack on the industry.

Earlier, analysts at the investment bank JPMorgan reported that the fall of Bitcoin is not over and the crisis associated with the lack of liquidity of the FTX exchange could lead to cascading liquidations.