Yuzo Kano, the chief executive officer and co-founder of leading Japanese cryptocurrency exchange bitFlyer, has predicted that more cryptocurrency businesses are likely to go underwater, Bloomberg reports.
Kano says that the FTX debacle has had a “huge” impact on the industry.
In addition, the bitFlyer boss has stressed that regulation is “very important.” He urged other countries to follow Japan’s lead when it comes to creating rules for the volatile industry.
His recent warning echoes a doom-laden prediction recently made by Binance boss Changpeng Zhao. As reported by U.Today, recently drew parallels between the FTX disaster and the 2008 crisis.