Failure of FTX crypto exchange will have huge implications, MPs hear

FTX’s customers were mainly institutional but some smaller investors were also affected. Photograph: Stefani Reynolds/AFP/Getty Images

Most of the customers of failed crypto exchange FTX were institutions but the effects of its collapse are still likely to reverberate across the sector and may affect small retail investors, MPs have been told.

“What we’re hearing … is that the majority of the funds in that platform were from institutional investors,” Ian Taylor, the executive director of the industry group Crypto UK, told the Treasury select committee on Monday.