Binance pledges to create crypto industry recovery fund, calls for regulation

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The head of Binance, Changpeng Zhao, called for more regulation of the cryptocurrency industry following the collapse of rival firm FTX

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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