BoE’s Cunliffe details ‘familiar’ failings at FTX

Jon Cunliffe
Jon Cunliffe
Photo: Bank of England/Flickr

Collapsed crypto exchange FTX suffered from a series of “familiar” failings that have also plagued the conventional financial sector throughout history, Jon Cunliffe said today (November 21).

The Bank of England deputy governor said many of the problems that ultimately brought FTX down are controlled by regulation in conventional finance. He argued crypto now needs to be subjected to similar rules.

FTX, which had previously been valued at $32 billion, suffered from “fundamental issues” around

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