insurance companies, FTXdoes not offer a policy or limit coverage for customers with risks associated with
The cryptocurrency market continues its long-term bear trend. Also during this bear period, there were many stories of bankruptcies and collapses. Especially with the collapse of FTX, there was a spread that caused the market to crash. This spillover has even spilled over into industries unrelated to crypto. UK-based insurance companies also scrutinize their customers in order not to be harmed.
Insurance Companies Are Not Offering Policies To FTX-Linked Crypto Companies
According to the news in Foreks, insurance companies FTXThey do not offer policies to customers with risks associated with or narrow down the policy coverage.
Participants are uncomfortable with this situation of insurance companies. According to them, companies with this attitude leave their digital currency exchanges uninsured against any theft, piracy or lawsuit.
insurance companies Lloyd’s of Londonand Bermuda are demanding more transparency from crypto companies about their risks in FTX to offer insurance policies. They ask crypto companies to answer questions in detail about whether they have invested or held assets in FTX.
Companies whose exposures in FTX reach 40 percent of their assets are unable to access their insurance policies or face limitations on coverage.