Synapse, FTX, Binance — how many more fintech disasters can our system take?  ...Middle East

U.S. financial disasters often emerge from overheated markets that become far too enamored with shiny new financial instruments. A June 6 report by the trustee in the bankruptcy of the financial technology company Synapse tells just such a story — and should be seen as a warning about future financial crises driven by the exuberance over all things technology.  Synapse was launched in 2014 as a tech intermediary company, linking emerging fintech companies with the online products they need to offer customers the ability to purchase cryptocurrencies, budget, save, invest, manage cash, and make payments online through glitzy apps. Synapse opened 100,000 demand deposit accounts with four

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