"I think in the long run customers want to appearance out for themselves, look into the basics of any coin and no longer depend on any particular alternate to defend them from marketplace volatility," Jesse Powell, founder and CEO of Kraken, advised CNBC on Tuesday.
On Monday, EU regulators warned cryptocurrencies have been wrong investments and must be considered as "exceptionally risky" assets.
Investors tempted to invest in cryptocurrencies which include bitcoin must convey the weight of responsibility, according to the CEO of a main cryptocurrency alternate.
"I suppose ultimately purchasers need to look out for themselves, check out the fundamentals of any coin and no longer depend on any specific alternate to defend them from marketplace volatility," Jesse Powell, founder and CEO of Kraken, advised CNBC on Tuesday.
Speaking at the sector government Summit in Dubai, Powell said Kraken conducted a "thorough" evaluation process to ensure each digital coin to be had on its San Francisco-based totally alternate was "almost genuinely now not a rip-off."
"We make no promises approximately the future of any coin, matters can alternate while you raise $1 billion in 10 minutes," he stated.
'Statement of Economic Independence'
On Monday, eu Union regulators warned cryptocurrencies have been fallacious investments and ought to be viewed as
"Highly volatile" Belongings
The EU Supervisory authorities (ESAs) for securities, banking and insurance and pensions stated in a joint announcement that the volatile nature of cryptocurrencies become displaying "clear signs of a pricing bubble".