Binance CEO: Crypto industry needs regulation

Binance CEO: Crypto industry needs regulation

The CEO of the dominant cryptocurrency market company Binance, Changpeng Zhao, called for new, but stable and clear rules for the crypto industry.

“We need some regulation, we need to do it properly, we need to do it in a sustainable way,” Zhao told a gathering of G-20 leaders at the Bali summit.

His comments come as his colleagues and partners in the crypto industry chart moves aimed at dealing with the collapse of rival exchange FTX Sam Bankman-Fried. FTX filed for bankruptcy on Friday after customers began withdrawing funds and Binance withdrew its bailout offer.

“I think the industry collectively has a role to play in protecting consumers, protecting everybody.” It’s not just about regulators. “They have a role, but it’s not 100 percent their responsibility,” Zhao said.

Over the weekend, Zhao tweeted that Binance had stopped accepting FTT token FTX deposits on its platform and also called on other exchanges to do the same.