Binance CEO says crypto sector needs clear and stable regulations

Changpeng Zhao, CEO of Binance.
Binance's chief executive Changpeng Zhao has called for clear regulations for the crypto industry following the collapse of rival exchange FTX [File: Darrin Zammit Lupi/Reuters]

Changpeng Zhao, chief executive of dominant cryptocurrency exchange Binance, has 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 FTX, founded by Sam Bankman-Fried.

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

Source: Reuters