The Covid-19 outbreak has brought about fresh and intensified scrutiny of the wildlife trade, which substantively involves commerce in exotic pets. In response, major policy decisions involving trade bans have ensued, with calls for similar such action to be applied across the trade chain. Yet, these measures have been criticised, largely based on concerns that they risk exacerbating poverty, undermining human rights, damaging conservation incentives, and otherwise harming sustainable development and conservation efforts. Instead, many critics propose improved regulation of the status quo, with the intention of nurturing a legal, sustainable, safe, humane, and equitable wildlife trade. Herein, we provide a countering view that outlines how the risks presented by the wildlife trade are becoming increasingly recognised as being both manifold and severe; and raise concerns that the goal of a well-regulated wildlife trade is becoming increasingly exposed as a mirage. We conclude that while pursuing the United Nation’s Sustainable Development Goals (with their focus on poverty alleviation, food security, public health, and conservation) is enduringly vital, a flourishing wildlife trade is not. Given that the exploitation of wildlife, including for the pet trade, has been identified as one of the dominant drivers of biodiversity loss, emergence of zoonotic infectious disease, animal suffering, and financial instability, perpetuating the concept of utilising a regulated wildlife trade as the default approach to protect people and planet is in urgent need of re-evaluation.