Binance CEO: Crypto industry needs clarity of regulations

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

Zhao told a group of G20 leaders at the Bali summit, “We’re in a new industry, and we’ve seen things go crazy in the industry in the last week. We need regulations, we need to do this right, and we need to do this in a stable way. His remarks come as colleagues and collaborators in the cryptocurrency sector lay out strategies for dealing with the demise of competing exchange Sam Bankman-FTX. Fried’s After seeing customers withdraw assets for a week, FTX filed for bankruptcy on Friday. Binance also abandoned a rescue offer.

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Binance CEO: Crypto industry needs clarity of regulations

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

Zhao told a group of G20 leaders at the Bali summit, “We’re in a new industry, and we’ve seen things go crazy in the industry in the last week. We need regulations, we need to do this right, and we need to do this in a stable way. His remarks come as colleagues and collaborators in the cryptocurrency sector lay out strategies for dealing with the demise of competing exchange Sam Bankman-FTX. Fried’s After seeing customers withdraw assets for a week, FTX filed for bankruptcy on Friday. Binance also abandoned a rescue offer.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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