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Originally Posted by afc wimbledon
Oh and to be clear the vast majority of banks infractions tend to be either doing business with people they weren't supposed to, drug dealers, Iran etc or currency manipulation, now I wouldn't say either of these are harmless but they don't just steal the customers money and go bankrupt, there's a vast difference in the type of scam each is involved in and I don't see how you regulate against the intention to steal all the money and run away
I also dont see how you regulate the exchange without regulating the coin itself, no anonymity, full taxes, full tracking of the coin as it moves all of which slows the speed of transfers down to basically ordinary bank transfers and knocks away a huge part of the advantage of crypto in the first place
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I don't see why that would be a problem. Banks are regulated without also regulating all the global currencies they work with. If a customer takes their tokens off a centralized exchange, that's no longer the business of the exchange, just as banks don't track what happens to a customer's cash once it's out of their account. Requiring KYC, providing tax reports, keeping records of the addresses sent/received from are all pretty common now anyways if you're dealing with a centralized exchange moving more than just small value sums of tokens.