NUSA DUA, INDONESIA, Nov 14 (Portal) – The chief executive of dominant cryptocurrency exchange Binance has called for new but stable and clear regulations for the industry amid recent developments and participants’ “cutting corners”.
“We’re in a new industry, we’ve seen things go crazy in the industry over the past week,” Changpeng Zhao said at a meeting of G20 leaders at a summit in Bali. “We need some regulation, we need to do this properly, we need to do this in a stable way.”
His comments come as crypto industry colleagues and partners outline steps to deal with the collapse of Sam Bankman-Fried’s rival exchange FTX.
Cryptocurrency exchange Binance founder and CEO Changpeng Zhao speaks at an event celebrating Binance’s five-year anniversary in Paris, France July 8, 2022. Portal/Tom Wilson/File Photo
FTX filed for bankruptcy on Friday after a week of seeing clients withdraw assets and Binance dropping a bailout.
“I think the industry has a collective responsibility to protect consumers, to protect everyone. So it’s not just the regulators. Regulators have a role, but it’s not 100% their responsibility,” Zhao said.
Over the weekend, he tweeted that Binance had stopped accepting deposits of FTX’s FTT token on its platform, and urged other exchanges to do the same.
Reporting by Fransiska Nagoy and Gayatri Suroyo Writing by Vidya Ranganathan; Editing by Jacqueline Wong
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