By Ayomide Otitoju
The question “Is this platform safe” is often less about technology than about what happens when something goes wrong, according to Bidemi Oke.
For years, the crypto industry largely viewed regulation as a threat to innovation, while regulators were criticised for failing to understand emerging technologies. Businesses feared excessive rules could slow innovation, leaving users to navigate a market where trust was often built around reputation, online communities and individual claims.
However, Oke argues that neither innovation nor regulation automatically creates trust.
“Regulation is not trust; it is the architecture that makes trust possible at scale,” Oke said.
According to the digital asset industry professional, personal relationships may help establish trust in smaller markets, but that approach becomes inadequate when millions of people move money through platforms they have never physically encountered and across jurisdictions they may not understand.
He said crypto presents a particular challenge because while the underlying technology can be decentralised, the customer experience remains centred on identifiable businesses and institutions.
Users still need to know who is responsible for protecting their funds, how transactions are monitored, what happens when accounts are compromised, how complaints are resolved and who is accountable when things go wrong.
Oke identified transparency, responsibility and consistency as three key principles through which regulation can help strengthen trust in financial markets.
On transparency, he said customers should not have to guess how a financial platform operates, adding that information about the protection of customer assets, potential risks, responsibilities and available remedies should be clear.
“Regulation is at its best when it removes ambiguity instead of creating more of it,” he said.
He described responsibility as another critical element, noting that financial systems cannot completely eliminate mistakes, operational failures or unexpected events.
According to him, resilient markets are distinguished not by the absence of failure but by the certainty that someone remains accountable when problems occur.
“Accountability is what transforms trust from a promise into a system,” he said.
Oke also identified consistency as a foundation for sustainable financial markets, arguing that businesses can adapt to demanding or evolving regulations but struggle when rules change unpredictably or are enforced inconsistently.
He said markets are more likely to attract long-term investment when participants understand regulatory standards and can rely on their fair and consistent application.
Writing from his experience at FlashChange, Oke said customers do not experience regulation as a policy document but through everyday interactions with financial platforms.
He said customers judge regulation through the reliability of transactions, the speed with which problems are resolved and whether businesses can clearly explain what happened when issues arise.
However, Oke acknowledged that regulation alone cannot guarantee trust.
“A licensed business can still be badly managed, a compliant company can still communicate poorly, and a regulated market can still produce bad actors,” he said.
He argued that the debate should therefore not be framed as regulation versus innovation, saying the future of the crypto industry requires a balance between accountability and technological progress.
According to Oke, innovation without accountability can create fear, while regulation without room for innovation can lead to stagnation.
He said the purpose of regulation should not be to portray crypto as risk-free but to create an environment where users can make informed decisions, businesses are required to substantiate their claims and misconduct attracts meaningful consequences.
Oke said genuine trust comes from making risks visible, understandable and manageable rather than pretending they do not exist.
He added that users should know where risks lie, who is responsible for managing them and what protections are available when things go wrong.
Ultimately, Oke said strong financial systems are not defined by the complete absence of failure but by the confidence that when failures occur, institutions remain accountable, customers are protected and the system continues to function.
