More regulations and oversight are likely to be levied at the burgeoning crypto industry, according to Yoni Assia, CEO of equity, derivatives and crypto trading platform eToro, the Financial Times (FT) reports.
He said that with the new interest in crypto as it goes more into the mainstream, “we should expect also regulators to carefully look at this growing business of retail investors in the crypto markets.”
Assia said that despite that, regulators should also make sure they know what they’re talking about when it comes to crypto.
The calls for more crypto regulation come as its value has soared this year, hitting $1.5 trillion globally.
While the crypto firm didn’t say what stake Brady and Bündchen had gotten, it did say that they will receive some amount and type of crypto.
And Bündchen will take on the role of environmental and social initiatives advisor for the company.
That includes Binance, one of the largest crypto exchanges.
The reasoning is because of the potential for fraud or investment scams, the company said. So they’ll be putting the cap into place as well as blocking payments to some crypto asset firms which had higher levels of fraud.
Binance has been coming under more scrutiny lately, with U.K. financial regulators saying it can’t conduct any regulated activity, issuing a warning about the company.
Several crypto firms are nixing plans to list with the U.K. Financial Conduct Authority (FCA), Reuters reports, with scrutiny increasing.
The aforementioned Binance issue, for example, came as registration data with the FCA showed the number of firms ditching registrations have spiked by 25 percent in the past month.
Reuters writes that crypto firms have had since January to register — but only six have actually registered since then, and 64 have withdrawn their applications.