A new report from finder.com reveals that 87% of 56 fintech and cryptocurrency experts believe crypto exchanges must disclose proof-of-reserves audits and liability records, while 76% predict exchanges will eventually be regulated similarly to traditional financial institutions. The poll, conducted in early 2023 amid the fallout from FTX's collapse, highlights a strong consensus around transparency and future oversight, though opinions split on timing and exact regulatory models.
87% Back Mandatory Proof-of-Reserves
The overwhelming majority of panelists agreed that exchanges should provide verifiable proof of reserves and liabilities. Tommy Honan, Head of Strategy at Swyftx, said: "Any exchanges that remain need to get with the program — proof of reserves and liabilities should be prerequisites and non-negotiable for people selecting where they trade." Honan also urged exchanges to educate users on self-custody and support innovative products.
Timeline: 17% Say 2024, 22% Say 2025, 35% Say 2030
When asked when standardized regulation would arrive, 17% of experts predicted 2024, 22% favored 2025, and 35% expected 2030. A total of 76% supported treating crypto exchanges like traditional finance platforms, but 15% disagreed. Nicole DeCicco, CEO of Cryptoconsultz, argued that exchanges should not be regulated exactly like traditional institutions. "It's imperative we warn investors about the risks involved," she said, adding that she teaches clients to view cold storage as a bank account and centralized exchanges as pocket cash.
Industry Outlook: 42% Expect Customer Decline, 84% Believe Survival
The survey also found that 42% of experts anticipate further declines in exchange customer numbers following bankruptcies like FTX. However, 84% believe the crypto industry will survive the FTX collapse. On future exchange failures, 42.31% predicted more platforms would go bankrupt — 15.38% within five years, 26.92% within one year — while exactly 50% said no such event would occur. The findings underscore a post-FTX era where transparency and regulation are seen as inevitable, even as the exact path remains debated.