Money20/20: Cryptocurrency Exchanges Navigate Regulation and Rebuild Trust

Money20/20: Cryptocurrency Exchanges Navigate Regulation and Rebuild Trust

At the Money20/20 event in Amsterdam, Kaushik Sthankiya, Global Head of Banking and Payments at Kraken, and Sonia Shaw, President of the CoinW exchange, discussed the current state of cryptocurrency exchanges. Their conversation highlighted the industry’s efforts to recover from the bearish sentiment triggered by the FTX collapse in 2022 and the ongoing quest to rebuild consumer trust through regulatory support.

Shaw remarked that the industry is still in the recovery phase following the FTX collapse, with efforts focused on restoring consumer confidence. “Everything is definitely coming back, but we haven’t really got back to the 2021 peak yet,” she stated. “We’re still at the early stage of this whole market coming back, so I think we’re on the way to repairing the confidence from consumers and also the regulators.” Shaw also noted that CoinW is expanding its operations into the Middle East and navigating the associated regulatory landscapes.

Sthankiya highlighted Kraken’s strategic focus on expanding its product suite and entering new jurisdictions while maintaining strict regulatory compliance. He underscored Kraken’s strengths in superior customer service, deep liquidity, and adherence to compliance standards. This focus on compliance contrasts with other major exchanges like Binance, which have faced significant regulatory challenges.

Sthankiya also pointed out that the approval of spot Bitcoin (BTC) ETFs in the U.S. has had a “phenomenally positive” impact on crypto trading on centralized exchanges (CEXs). Both industry leaders expressed optimism about the future of the crypto ecosystem. Sthankiya emphasized that CEXs are pivotal in driving the adoption of cryptocurrency, while Shaw predicted that the crypto trend will shift from a global to a more localized focus due to varying regulations across different jurisdictions.

Overall, the discussion at Money20/20 highlighted the resilience and adaptability of cryptocurrency exchanges as they navigate regulatory challenges and work to rebuild trust in the wake of past industry setbacks.

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