Co-founder and CEO of US-based crypto exchange Coinbase, Brian Armstrong, said at the Singapore FinTech Festival 2022 that Singapore’s ambition to become a Web3 hub is difficult to reconcile with its prohibition of retail trading. In response to his criticism, Sopnendu Mohanty, chief fintech officer of the Monetary Authority of Singapore, said that retail investors are still not aware of the risks they are exposed to. He also thought the crypto firms are responsible for protecting their customers given the highly speculative and volatile nature of crypto.