Never has the phrase “meteoric rise” felt so appropriate. At the height of its success, FTX processed more than US$6bn in spot trade volume, with an average daily trade volume of US$2bn. It was valued at US$32bn in January 2022, making it one of the world’s most valuable crypto companies at that time.
AI regulation is still very much in the development phase, despite use of the technology being widespread. This is because of the fast-moving nature of AI and ML; the technology is evolving all the time, leaving governments and regulators to play catch up. However, several jurisdictions are making moves to address gaps in regulation for the use of AI in the financial sector.