What measures were taken to prevent a repeat of Black Thursday in the cryptocurrency industry?

2 answers

• Dec 17, 2021 · 3 years ago
  In response to Black Thursday, the cryptocurrency industry has placed a greater emphasis on regulatory compliance. Exchanges have strengthened their Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to ensure that only legitimate and verified users can participate in trading activities. This helps to prevent fraudulent activities and enhances the overall integrity of the market. Additionally, regulatory bodies have increased their scrutiny of cryptocurrency exchanges and have imposed stricter regulations to prevent market manipulation and protect investors. By promoting a more regulated and transparent environment, the industry aims to foster trust and confidence among investors, ultimately preventing a repeat of Black Thursday.
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• Dec 17, 2021 · 3 years ago
  To prevent a repeat of Black Thursday, the cryptocurrency industry has focused on improving risk management practices. Exchanges have implemented stricter margin requirements and trading limits to prevent excessive leverage and reduce the risk of cascading liquidations. Risk assessment models have been enhanced to better identify potential market risks and vulnerabilities. Furthermore, exchanges have established partnerships with insurance companies to provide coverage for potential losses due to hacking or other security breaches. These measures aim to protect both the exchanges and their users from significant financial losses. By prioritizing risk management, the industry aims to create a more stable and resilient market environment.
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