That sounds more along the lines of "all crypto is a scam" than something that you can write a news story about. I'm not going to deny it isn't shady (I don't use them for that reason), but at best the only thing you can write for this is something like
"the exchange has drawn criticism for being domiciled in the Bahamas and not being audited"
but that might be tough. To my knowledge there wasn't significant criticism around before the crash (unlike with Tether, for instance). People seemed to be largely okay with the state of affairs, or the people who weren't okay and went to Coinbase/Gemini/Kraken.
