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 Photonew 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 a 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." "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.that Binance had stopped accepting deposits of FTX's FTT token on its platform, and urged other exchanges to do the same."We still have a bag of as we stopped selling FTT after SBF called me. Very expensive call," he added.
Reporting by Fransiska Nangoy and Gayatri Suroyo Writing by Vidya Ranganathan; Editing by Jacqueline Wong, Kirsten Donovan
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