The crash that shaved more than $1 trillion of value from the digital-asset industry in the past few weeks was entirely foreseeable. I have been warning about the dangers of leveraging bitcoin and cryptocurrencies since 2018, as have others. Few heeded warnings as prices soared. The crash is healthy.

July 2 (Reuters) - Thailand's financial watchdog filed a criminal complaint against cryptocurrency exchange Binance on Friday for operating a digital asset business without a licence, the latest in a string of crackdowns on the platform by regulators globally.