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Binance CEO Calls for Clearer Rules to Stabilise ‘Crazy’ Sector

“We do need some regulations. We do need to do this properly. We do need to do this in a stable way,” Binance CEO Changpeng Zhao said

Cryptocurrency exchange Binance founder and CEO Changpeng Zhao speaks at a Binance fifth anniversary event in Paris
The US Commodity Futures Trading Commission in March charged Binance and CEO Changpeng Zhao with willful evasion of commodities laws by “intentionally structuring entities”. Photo: Reuters


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




Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India's economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.


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