Binance CEO Says Crypto Industry Needs Regulatory Clarity

NUSA DUA, INDONESIA, Nov 14 (Reuters) – The chief executive of dominant cryptocurrency exchange Binance has called for new stable and clear regulations for the industry in light of recent developments and participants “cutting corners round”.

“We are in a new industry, we saw it last week, things are going crazy in the industry,” Changpeng Zhao told a meeting of G20 leaders at a summit in Bali. “We need regulations, we need to do it right, we need to do it stably.”

His comments come as crypto industry peers and partners outline steps to deal with the collapse of rival Sam Bankman-Fried exchange FTX.

Changpeng Zhao, founder and CEO of Binance, speaks during a Binance fifth anniversary event in Paris, France, July 8, 2022. REUTERS/Tom Wilson/File Photo

FTX filed for bankruptcy on Friday after watching clients withdraw assets and Binance drop a bailout bid for a week.

“I think the industry collectively has a role to play in protecting consumers, in protecting everyone. So it’s not just regulators. Regulators have a role but it’s not 100% their responsibility.” , Zhao said.

Last weekend, he tweeted that Binance had stopped accepting deposits for FTX’s FTT token on its platform and urged other exchanges to do the same.

Reporting by Fransiska Nangoy and Gayatri Suroyo Writing by Vidya Ranganathan; Editing by Jacqueline Wong

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