The cryptocurrency industry has been busy with the sudden collapse of FTX, one of the top crypto exchanges (banks), for almost two months now. Many people still can’t get their money out of FTX, and another ruling is more bad news for people using exchanges.
Celsius, a popular crypto lending firm, filed for bankruptcy back in July and is still undergoing legal proceedings. Bankruptcy generally prioritizes investors getting their money back over customers getting their money back, and in the case, there isn’t much in the way of bank-adjacent laws forcing crypto exchanges to work differently.
The ruling shouldn’t have a sudden effect across the entire industry — it’s a ruling about one specific company’s terms of service, not a court decision or new law about all crypto companies and exchanges. However, it’s possible the terms of…
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