Jamil Nazarali, CEO of crypto exchange EDX Markets, shared his perspective on the ripple effects caused by the controversy surrounding crypto tycoon Sam Bankman-Fried.

In an interview with Benzinga, Nazarali emphasized, "A lot of people in the crypto industry want accountability for all the customer funds that were lost."

He also believed the incident significantly dented confidence in crypto and its associated companies.

"A lot of people lost confidence in crypto and a lot of companies in crypto. And so having some accountability, I think, will at least restore some of that confidence," Nazarali said about Bankman-Fried's situation.

The crypto community is buzzing with discussions about Bankman-Fried and Nazarali's insights come at a pivotal time. It's worth noting Nazarali will be sharing more of his expertise at the upcoming Benzinga's Future of Digital Assets conference on Nov. 14, where he is slated to be a speaker.

Also Read: Sam Bankman-Fried Sues Insurer For $5M, Alleges Breach Of Contract Over Legal Expenses

Nazarali refrained from making personal judgments but emphasized the broader implications for the industry.

"I'm not going to say I want to see him go to jail. But we do want to see accountability by law enforcement," he added.

He believed in the wake of such incidents, there's a growing demand for regulations to prevent similar occurrences in the future.

"I think in the wake of that, they also want to see some… regulations to stop that kind of thing from happening again," he added.

The CEO also highlighted the importance of having a clear framework of rules for businesses operating in the crypto space.

"One of the things that businesses don't like is uncertainty," Nazarali said, emphasizing the need for clear guidelines to foster growth and innovation in the sector.

Read Next: FODA EXCLUSIVE: EDX Markets CEO Says Bitcoin Has The Potential To Become A Global Reserve Asset

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!

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