Hours after debating Hayes in Taipei during the 2019 Asia Blockchain Summit, Dr. Doom hailed the proposal by the UK’s Financial Conduct Authority to ban crypto derivatives in the region, saying the tide had turned from “buy, buy to bye-bye.” This was in a jab at BitMEX and Hayes.
Tangle in Taipei continued
According to Roubini, BitMEX’s business model is “shady” and relies on exploiting unsophisticated investors.
Dr. Doom also equated BitMEX’s business model to “drug pushing.” This is because it recklessly allowed “retail suckers” in the crypto space leverage of up to 100 times. Consequently, Roubini welcomed the FCA’s decision to “destroy BitMEX.”
While Dr. Doom may already be celebrating the FCA’s move, it may be too early to try to predict where the chips will fall. The FCA has merely issued a consultation paper that may or may not result in a ban on crypto derivatives in the UK.