In light of recent developments and participants “cutting shortcuts,” Changpeng Zhao, the chief executive of dominant cryptocurrency exchange Binance, called for new, stable, and transparent laws for the sector. Zhao told a group of G20 leaders at the Bali summit, “We’re in a new sector, and we’ve seen things go crazy in the industry in the last week. We need regulations, we need to do this well, and we 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.
“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.
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