Binance CEO Changpeng Zhao has called for more clear and stable regulation of the “crazy” crypto sector.
“We’re in a new industry, we’ve seen in the past week, things go crazy in the industry,” the head of the world’s biggest crypto exchange said in a speech to G20 leaders in Bali, referring to the collapse of rival exchange FTX.
“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 Sam Bankman-Fried’s FTX exchange.
FTX Meltdown
FTX filed for bankruptcy on Friday after a week of seeing customers pull assets and Binance abandoning 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.
- Reuters, with additional editing from Alfie Habershon
Read more:
FTX Hit by ‘Rogue’ $515m Crypto Outflows After Collapse
Crypto Markets Shaken After Binance Abandons FTX Bailout
Hong Kong Suggests Expanding Crypto Trade to Retail Market
