The Financial Stability Board (FSB), the global body that monitors the financial services indreleased a report on Nov. 28 asserting that the crypto industry might need additional regulations to prevent another catastrophe on the scale of the FTX scandal

According to the report, the FSB said the market turmoil that ensued from the collapse of cryptocurrency exchange FTX brought to light the flaws in multifunction crypto-asset intermediaries (MCI) – platforms that combine trading and related activities.

“MCI vulnerabilities are not very different from those of traditional finance, including leverage, liquidity mismatch, technology and operational vulnerabilities, and…

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