If not for DEX, I believe we can't entirely eliminate fraud from CEX unless they adhere strictly to government regulations. I understand that many of us aren't fond of this idea, right? I'm sure the answer is yes, but how long will we endure hearing the same tales every couple of years or so?
A significant portion of us often find ourselves at odds with the SEC, but perhaps it's time to acknowledge the positives of the organization, despite my personal aversion to figures like Gary Gensler.
Just recently, the Kucoin debacle made rounds, with allegations of exchange executives involved in money laundering. If it weren't for the SEC, we might have been facing another FTX-like situation, potentially wreaking havoc on the market given Kucoin's size. Regardless, I'm relieved to see SBF sentenced, hoping it serves as a deterrent to other crypto exchange executives. But the question remains: should we entrust our fate to these individuals? Furthermore, DEX isn't a foolproof solution either, given its inherent risks.
This is why I'm inclined to believe that all exchanges should be subject to regulation. On second thought, considering the Nigerian government's demand for Binance user details amid their dispute, one wonders about user safety. My mind is abuzz with questions. Do you envision a future where an exchange operates for 10 to 20 years without incident? Is such a scenario plausible? Let's delve into this further.