Binance CEO says crypto industry needs clarity of regulations

Cryptocurrency exchange Binance founder and CEO Changpeng Zhao speaks at a Binance fifth anniversary event in Paris, France, July 8, 2022. REUTERS/Tom Wilson/File photo

NUSA DUA, Indonesia – 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”. “We’re in a new industry, we’ve seen in the past week, things go crazy in the industry,” Zhao told a gathering of G20 leaders at the summit in Bali. “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 rival exchange Sam Bankman-Fried’s FTX.

FTX filed for bankruptcy on Friday after a week of seeing customers pull assets and Binance abandoned a rescue offer.

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