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Crypto Industry needs clear Regulations: Binance

FILE PHOTO: Cryptocurrency exchange Binance founder and CEO Changpeng Zhao speaks at a Binance fifth anniversary event in Paris, France, July 8, 2022. REUTERS/Tom Wilson/File Photo

Dominant cryptocurrency exchange Binance chief executive Changpeng Zhao called for new but stable and clear regulations for the industry, in light of recent developments and participants “cutting corners”.

“We’re in a new industry, we’ve seen in the past week, things go crazy in the industry,” Zhao told a gathering of G20 leaders at the summit in Bali. “We do need some regulations, we do need to do this properly, we do need to do this in a stable way.”

His comments come as crypto industry peers and partners outline steps to deal with the collapse of rival exchange Sam Bankman-Fried’s FTX.

FTX filed for bankruptcy on Friday after a week of seeing customers pull assets and Binance abandoned a rescue offer.

“I think the industry collectively has a role to protect consumers, to protect everybody. So it’s not just regulators. Regulators have a role but it’s not 100% their responsibility,” Zhao said.

On the weekend, he had tweeted that Binance had stopped accepting deposits of FTX’s FTT token on its platform, and urged other exchanges to do the same.

Binance is a cryptocurrency exchange that is the largest exchange in the world in terms of the daily trading volume of cryptocurrencies. It got its foundation in 2017 with registration in the Cayman Islands. Binance’s founder is Changpeng Zhao, a developer who had previously created high-frequency trading software.

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