History of Crypto: The future of crypto exchanges, regulatory battles, and governance

Heres how the crypto industry evolved following one of its most notorious black swan events, the downfall of the FTX exchange, which caused $8.9 billion of lost user funds.

以下是加密行业在其最臭名昭著的黑天鹅事件之一——ftx 交易所的倒闭，造成 89 亿美元的用户资金损失之后的演变情况。

Welcome to the History of Crypto, a Cointelegraph series that brings readers back to the most significant events in the crypto space. Powered by Phemex, the timeline allows crypto community members to explore and look back at the important events that shaped the industry into what it is today.

欢迎来到《加密货币的历史》，这是 cointelegraph 系列，它将带领读者回顾加密货币领域最重要的事件。由 phemex 提供支持的时间线让加密货币社区成员可以探索和回顾塑造该行业今天面貌的重要事件。

This article explores the period following November 2022, when the FTX exchange collapsed, giving rise to one of the most notorious crypto winters in the history of digital assets.

本文探讨了 2022 年 11 月 ftx 交易所崩溃之后的时期，此次崩溃导致了数字资产历史上最臭名昭著的加密寒冬之一。

The period after the collapse of the FTX exchange is known as one of the darkest times in crypto history.

ftx交易所倒闭后的那段时期被称为加密货币历史上最黑暗的时期之一。

The downfall of FTX and its over 130 subsidiaries catalyzed a chain reaction of bankruptcies and layoffs among Web3 firms, giving rise to one of the longest crypto winters, that saw Bitcoin's (BTC) price bottom out at $16,000.

ftx 及其 130 多家子公司的倒闭引发了 web3 公司破产和裁员的连锁反应，导致了加密货币史上最长的寒冬之一，比特币 (btc) 的价格跌至 16,000 美元的最低点。

EXPLORE THE HISTORY OF CRYPTO

探索加密货币的历史

Following the bankruptcy that caused a $8.9 billion loss of investor funds, regulators were forced to take action and develop more investor safety-oriented frameworks emphasizing transparency for crypto exchanges and service providers.

在破产导致投资者资金损失 89 亿美元之后，监管机构被迫采取行动并制定更加以投资者安全为导向的框架，强调加密货币交易所和服务提供商的透明度。

United States regulators issued some of the most significant criminal fines in history to Binance despite no evidence of user fund misappropriation. They also fined smaller exchanges in a hawkish effort to prevent potential FTX-like meltdowns.

尽管没有证据表明币安挪用了用户资金，但美国监管机构仍对币安开出了历史上最严重的刑事罚款。他们还对规模较小的交易所开出了罚款，以强硬的态度防止可能发生类似 ftx 的崩盘。

Explore the History of Crypto. Source: History of CryptoHow did FTX collapse？

探索加密货币的历史。来源：加密货币的历史ftx是如何崩盘的？

The now-infamous FTX exchange collapsed nearly on and a half years ago, sending shockwaves across global crypto markets and wiping out tens of billions of value within a few days.

臭名昭著的 ftx 交易所在近一年半前倒闭，震惊了全球加密货币市场，几天之内数百亿美元的价值蒸发殆尽。

In essence, FTX collapsed due to user fund misappropriation, which resulted in billions worth of trading losses for its sister company, Alameda Research. The quantitative trading firm used FTX customer funds that Bankman-Fried transferred without consent to fund Alamedas trading losses, now referred to as the Alameda gap.

本质上，ftx 的倒闭是因为用户资金被挪用，这导致其姊妹公司 alameda research 遭受了数十亿美元的交易损失。这家量化交易公司利用 bankman-fried 未经同意转移的 ftx 客户资金来弥补 alameda 的交易损失，现在被称为 alameda 缺口。

Before getting its quantitative trading protocol from Gary Wang, Alameda lost over $500,000 every day throughout an awful month, claimed Michael Lewis in his biography about Bankman-Fried.

迈克尔·刘易斯 (michael lewis) 在 bankman-fried 的传记中声称，在从 gary wang 获得量化交易协议之前，alameda 在一个糟糕的月份里每天损失超过 50 万美元。

The user fund misappropriation started to unravel in November 2022 when it was revealed that a large portion of Alameda‘s balance sheet was made up of FTX’s FTT token.

2022 年 11 月，当 alameda 的资产负债表被揭露出很大一部分由 ftx 的 ftt 代币组成时，用户资金挪用事件开始被揭露。

The revelation led to a large sell-off, which caused the FTT token price to plummet, raising widespread concerns about the financial health of FTX and Alameda Research. This led to mass customer withdrawals of up to $6 billion within three days. FTX could not meet the withdrawals as it was forced to suspend them.

此事曝光后引发了大规模抛售，导致 ftt 代币价格暴跌，引发了人们对 ftx 和 alameda research 财务状况的普遍担忧。这导致三天内大量客户提款高达 60 亿美元。ftx 无法满足提款需求，因此被迫暂停提款。

FTX filed for bankruptcy on Nov. 11, 2022. Bankman-Fried was arrested in the Bahamas on Dec. 12, 2022, after United States prosecutors filed criminal charges against him. He was extradited to the U.S. in January 2023. Bankman-Fried was sentenced to 25 years in federal prison on March 28, 2024.

ftx 于 2022 年 11 月 11 日申请破产。2022 年 12 月 12 日，美国检察官对 bankman-fried 提起刑事指控后，他在巴哈马被捕。2023 年 1 月，他被引渡到美国。2024 年 3 月 28 日，bankman-fried 被判处 25 年联邦监禁。

100 Years in Jail？! SBF Trial Verdict Explained. Source: Cointelegraph

100 年监禁？！sbf 审判判决解释。资料来源：cointelegraph

The regulatory crackdown after the FTX collapse

ftx 崩盘后的监管打击

The collapse of the FTX exchange triggered a hawkish response from the United States Securities and Exchange Commission (SEC), which started a broader crackdown on crypto exchanges to avoid another potential FTX-like meltdown.

ftx 交易所的崩溃引发了美国证券交易委员会 (sec) 的强硬回应，该委员会开始对加密货币交易所进行更广泛的打击，以避免再次发生类似 ftx 的崩盘。

In June 2023, the SEC sued Coinbase and Binance Exchange for alleged securities violations. In the lawsuit against Binance, the SEC alleged that the company and its founder, Changpeng Zhao, had misappropriated billions of user funds.

2023 年 6 月，sec 起诉 coinbase 和币安交易所涉嫌证券违规行为。在针对币安的诉讼中，sec 指控该公司及其创始人赵长鹏挪用了数十亿美元的用户资金。

EXPLORE THE HISTORY OF CRYPTO

Despite no evidence of user fund misappropriation, Binance was charged with violating Anti-Money Laundering laws and settled to pay one of the most significant criminal fines in history worth $4.3 billion.

尽管没有证据表明用户资金被挪用，币安仍被指控违反反洗钱法，并支付了历史上最大的刑事罚款之一，金额达 43 亿美元。

As for the Coinbase lawsuit, the SEC claimed that the exchange operates as an unregistered exchange, broker, and clearing agency and violated securities laws by listing 13 tokens it alleged were securities, according to the lawsuit filed in June 2023.

至于 coinbase 的诉讼，根据 2023 年 6 月提起的诉讼，sec 声称该交易所作为未注册的交易所、经纪商和清算机构运营，并通过列出 13 种其声称是证券的代币而违反了证券法。

Coinbase sought an order to drop the case, questioning the SEC‘s authority over crypto exchanges. The exchange’s motion to drop the legal case was dismissed on March 27, allowing the SEC to proceed with its lawsuit against Coinbase.

coinbase 要求美国证券交易委员会撤销此案，质疑美国证券交易委员会对加密货币交易所的管辖权。该交易所撤销此案的动议于 3 月 27 日被驳回，美国证券交易委员会得以继续对 coinbase 提起诉讼。

How the U.S. SEC is waging an undeclared war on crypto. Source: Cointelegraph

美国证券交易委员会如何对加密货币发动一场未宣战的战争。资料来源：cointelegraph

The immediate regulatory response focused on prosecutions and enforcement rather than implementing blockchain-specific regulations, according to Ashar Burney, the legal head of TDeFi, who told Cointelegraph:

tdefi 法律负责人 ashar burney 向 cointelegraph 表示，监管部门的立即回应侧重于起诉和执法，而不是实施针对区块链的法规：

“This approach reflects a broader trend where regulators address fraudulent activities within the crypto space through existing legal frameworks, emphasizing enforcement against criminal behavior rather than introducing new regulations specific to blockchain technologies.”

“这种方法反映了一种更广泛的趋势，即监管机构通过现有的法律框架解决加密领域内的欺诈活动，强调对犯罪行为的执法，而不是引入针对区块链技术的新法规。”

Burney added that the FTX collapse was primarily a “case of criminal fraud,” not a lack of regulatory frameworks.

伯尼补充说，ftx 的倒闭主要是“刑事欺诈案件”，而不是缺乏监管框架。

How the regulatory landscape evolved post-FTX

ftx 之后的监管格局如何演变

Following the FTX collapse, crypto exchanges have started striving for more transparency, spearheaded by Binance, the worlds largest exchange.

在 ftx 崩溃之后，加密货币交易所开始努力提高透明度，其中最大的交易所是币安。

By the end of November 2022, Binance launched its Proof-of-Reserves (PoR) system, which shows the amount of underlying assets the exchange holds on behalf of users. This third-party audit aims to show users that the exchange can meet any potential withdrawal requests. Binances main assets were overcollateralized by at least 102% as of April 12, according to its PoR page.

2022 年 11 月底，币安推出了储备证明 (por) 系统，该系统显示了交易所代表用户持有的底层资产数量。这项第三方审计旨在向用户表明交易所可以满足任何潜在的提款请求。根据币安的 por 页面，截至 4 月 12 日，币安的主要资产超额抵押率至少为 102%。

Following Binances push for transparency, other top exchanges have followed suit, including Coinbase, OKX, Crypto.com, Kraken, and Bybit.

继币安推动透明度之后，其他顶级交易所也纷纷效仿，包括 coinbase、okx、crypto.com、kraken 和 bybit。

How CZ built Binance and became the richest person in crypto | Crypto Stories Ep. 16. Source: Cointelegraph

cz 如何创建币安并成为加密货币领域首富 | crypto stories 第 16 集。资料来源：cointelegraph

Despite the new PoR audit systems, investors still need to conduct due diligence as FTX had also performed numerous financial audits that didn‘t uncover the fraud, according to TDeFi’s legal head, Burney, who told Cointelegraph:

tdefi 法律负责人伯尼 (burney) 向 cointelegraph 表示，尽管有了新的 por 审计系统，投资者仍然需要进行尽职调查，因为 ftx 也进行了多次财务审计，但并未发现欺诈行为：

“SBF's firm underwent multiple audits by reputable auditing firms, demonstrating the complexity of identifying fraudulent behavior even with established compliance measures. Overall, investors' safety is not significantly different, especially considering that the crypto industry experiences lower fraud rates compared to traditional fintech and investment sectors.”

“sbf 的公司接受了多家知名审计公司的多次审计，这表明即使有既定的合规措施，识别欺诈行为仍然十分复杂。总体而言，投资者的安全性并没有显著差异，尤其是考虑到加密行业的欺诈率低于传统金融科技和投资行业。”

Beyond the transparency efforts of crypto exchanges, governments worldwide have also taken a more collaborative approach to regulating the nascent crypto industry, according to James Wo, the founder and CEO of DFG, who told Cointelegraph:

dfg 创始人兼首席执行官 james wo 向 cointelegraph 表示，除了加密货币交易所的透明度努力之外，世界各国政府还采取了更具协作性的方式来监管新兴的加密货币行业：

“Although countries have different stances with some being more crypto-friendly than others, they all work towards the same goal of providing a framework that prevents Anti Money Laundering (AML) with ample Know Your Client (KYC) processes in countries that do not outright ban it.”

“尽管各国的立场不同，一些国家比其他国家更支持加密货币，但他们都致力于实现同一个目标，即在未完全禁止加密货币的国家，提供一个防止反洗钱（aml）的框架，并通过充分的了解你的客户（kyc）流程来防止洗钱。”

In May 2023, the European Council adopted the first comprehensive legal framework for the crypto industry. The Markets in Crypto Assets (MiCA) framework aims to protect investors through more rigorous transparency standards and AML rules.

2023 年 5 月，欧洲理事会通过了加密行业首个全面的法律框架。加密资产市场 (mica) 框架旨在通过更严格的透明度标准和反洗钱规则保护投资者。

EXPLORE THE HISTORY OF CRYPTO

Thanks to the new MiCA bill, crypto exchanges will become fully regulated entities from the end of 2024, Vyara Savova, senior policy lead at the European Crypto Initiative, told Cointelegraph:

欧洲加密货币倡议高级政策负责人 vyara savova 向 cointelegraph 表示，得益于新的 mica 法案，加密货币交易所将从 2024 年底开始成为完全受监管的实体：

“2024 is the year of MiCA, and the whole EU will now have a comprehensive legal framework for crypto-assets, crypto-asset services, and crypto-asset service providers (also known as CASPs). Crypto exchanges are a type of CASP under MiCA and will become fully regulated in December 2024. ”

“2024 年是 mica 之年，整个欧盟现在将拥有针对加密资产、加密资产服务和加密资产服务提供商（也称为 casp）的全面法律框架。加密货币交易所是 mica 下的一种 casp，将于 2024 年 12 月全面受到监管。”

While MiCA is a significant step for the global regulatory landscape and investor safety, its efficiency will depend on the member state implementations for each country, explained Savova:

savova 解释道，虽然 mica 对于全球监管格局和投资者安全而言是重要的一步，但其效率将取决于每个成员国的实施情况：

“An important aspect that is often overlooked is the role of member state laws in applying this regulation, as these laws will create the supervisory framework in the respective country.”

“一个经常被忽视的重要方面是成员国法律在应用该法规中的作用，因为这些法律将在相应国家建立监管框架。”

Hong Kong and Dubai have also introduced crypto regulations that favor innovation in an effort to become known as global crypto hubs. Yet, the most regulatory sign came in January 2024, with the approval of the spot Bitcoin exchange-traded funds (ETFs).

香港和迪拜也出台了有利于创新的加密货币法规，力争成为全球加密货币中心。然而，监管力度最大的迹象出现在 2024 年 1 月，即现货比特币交易所交易基金 (etf) 获得批准。

Bitcoin ETFs signal an innovation-friendly approach, but investors are not necessarily safer

比特币 etf 体现了一种创新友好型方法，但投资者并不一定更安全

After months of regulatory battles, the ten spot Bitcoin ETFs were approved by the United States SEC on Jan. 10, enabling traditional investors to gain exposure to BTC through publicly-traded funds.

经过数月的监管斗争，1 月 10 日，十只现货比特币 etf 获得美国证券交易委员会批准，使传统投资者能够通过公开交易基金投资 btc。

The approval of the ETFs is a positive development signaling that signals an innovation-friendly approach from U.S. regulators for the future, according to DFGs Wo, who told Cointelegraph:

dfgs wo 向 cointelegraph 表示，etf 的批准是一个积极的发展信号，表明美国监管机构未来将采取有利于创新的做法：

“Despite the lawsuits to multiple crypto exchanges, the SEC previously approved the Bitcoin ETF with the Ethereum ETF being filed. This is a signal that governments are more in favor of regulation than outright banning, as seen in many other countries regulators which provide tight regulations for the approval of licenses to operate crypto-related businesses.”

“尽管多家加密货币交易所遭到诉讼，但美国证券交易委员会此前已批准了比特币 etf，以太坊 etf 也正在申请中。这表明政府更倾向于监管，而不是彻底禁止，正如许多其他国家的监管机构对经营加密货币相关业务的许可证审批制定的严格规定一样。”

The U.S. ETF approval has also inspired other jurisdictions to follow suit. The Securities Regulatory Commission (SFC) of Hong Kong could approve the first four spot Bitcoin ETF applications by April 15, after the financial regulator has reportedly accelerated the approval process for the first ETFs.

美国 etf 的批准也激励了其他司法管辖区效仿。据报道，香港证券监督管理委员会 (sfc) 已加快首批 etf 的审批流程，该委员会可能会在 4 月 15 日之前批准首批四只现货比特币 etf 申请。

Spot Bitcoin ETF Approved: Impact on Investments with Mark Yusko. Source: Cointelegraph

现货比特币 etf 获批：对投资的影响（mark yusko 撰文） 来源：cointelegraph

Despite significant global regulatory developments like ETFs and more regulations around crypto exchanges, investors aren‘t necessarily shielded from another FTX-like meltdown, according to DFG’s Wo:

dfg 的 wo 表示，尽管 etf 和加密货币交易所相关监管等方面的全球监管取得了重大进展，但投资者并不一定能免受另一场 ftx 式崩盘的影响：

“Although regulation and compliance have stepped up in regulated entities, it does not mean it will not happen again even if we can expect better risk management from these entities. Overall, self-custody will still be the safest as you are in control of your own funds as long as you take sufficient risk mitigations of not clicking on phishing or scam links that may drain your wallet.”

“尽管受监管实体的监管和合规性已经加强，但这并不意味着这种情况不会再次发生，即使我们可以期待这些实体提供更好的风险管理。总体而言，自我托管仍然是最安全的，因为只要您采取足够的风险缓解措施，不点击可能耗尽您钱包的网络钓鱼或诈骗链接，您就可以控制自己的资金。”

Looking ahead to 2024 and beyond

展望 2024 年及以后

The FTX collapse inspired widespread collaboration between global regulators to prevent another high-profile meltdown. Some of the worlds leading economies have developed new regulations for crypto exchanges, while Europe passed the first comprehensive framework for the crypto industry, setting the benchmark for other regulators.

ftx 崩盘促使全球监管机构展开广泛合作，以防止再次发生引人关注的崩盘。一些世界领先经济体已经为加密货币交易所制定了新法规，而欧洲则通过了首个针对加密货币行业的综合框架，为其他监管机构树立了标杆。

The European MiCA framework is still a work in progress. The next major part of the bill will set a marketing communication standard for crypto exchanges, which could impact crypto service providers in Europe, according to the European Crypto Initiatives senior policy lead, Savova, who told Cointelegraph:

欧洲 mica 框架仍在制定中。欧洲加密货币倡议高级政策负责人 savova 向 cointelegraph 表示，该法案的下一个主要部分将为加密货币交易所制定营销传播标准，这可能会影响欧洲的加密货币服务提供商：

“What will develop throughout 2024 is the CASP and, therefore, exchanges‘ marketing communications and what will be allowed. It’s a very impactful topic that emerged in France and is now being discussed at the EU level through the Retail Investment Strategy.”

“2024 年将发展 casp，因此交易所的营销传播和允许的内容也将发展。这是一个非常有影响力的话题，最初出现在法国，现在正在欧盟层面通过零售投资战略进行讨论。”

The second consultation package for reverse solicitation guidelines under MiCA is set to end on April 29. The outcome of the consultation will be influential for MiCAs final implementation in December, according to Savova:

mica 下反向招标指南的第二轮磋商将于 4 月 29 日结束。savova 表示，此次磋商的结果将对 12 月 mica 的最终实施产生影响：

“[This will determine] how exchanges and other CASPs from countries outside of the EU might provide services to EU citizens without a license and how these services should be marketed in Europe. The outcomes of this consultation will be critical for MiCAs implementation in December.”

“[这将决定] 欧盟以外国家的交易所和其他 casp 如何在没有执照的情况下向欧盟公民提供服务，以及如何在欧洲推销这些服务。此次咨询的结果对于 mica 12 月的实施至关重要。”

According to TDeFis Burney, crypto service providers could still see more regulatory scrutiny, including more stringent disclosure and compliance requirements, leading to a more mature industry. Burney said:

tdefi 的 burney 表示，加密服务提供商仍可能面临更多监管审查，包括更严格的披露和合规要求，从而使行业更加成熟。burney 表示：

“These developments reflect a shift towards a more mature regulatory framework aimed at balancing innovation with regulatory oversight. However, obtaining a license in the US may not entirely prevent exchanges from operating globally and serving US customers, highlighting the challenges of regulating a decentralized and global industry.”Crypto Bull Market Phase 2: What to Expect. Source: Cointelegraph

“这些发展反映了向更成熟的监管框架的转变，旨在平衡创新与监管监督。然而，在美国获得牌照可能无法完全阻止交易所在全球范围内运营并为美国客户提供服务，这凸显了监管去中心化和全球行业的挑战。”加密牛市第二阶段：预期结果。来源：cointelegraph