Brace for greater regulatory scrutiny, warns CZ to the crypto ecosystem. 'Probably a good thing,' he added.
. However, CZ reiterated his long-standing belief that regulations must focus on exchange operations, such as business models and proof of reserves. As a result, he believed that tighter regulatory scrutiny around crypto business operations is around the corner.
While FTX’s collapse is bound to have a short-term impact on retail investors, in the longer term, this is a wake-up call for discussions about how to handle risks across crypto ecosystems. Speaking specifically about FTX, he said: CZ pointed out that the biggest red flag about FTX was Alameda Research’s financials, which were full of FTX Tokens that made him finalize the decision to sell off Binance’s FTT holdings worth over $2 billion at the time.reached out to CZ with a deal that “did not make sense from a number of fronts”. At the same time, CZ hoped to get an over-the-counter deal for protecting users:
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