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
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Binance Will Delist FTT Margin Pairs, USDⓈ-M Futures Contracts and Binance Flexible Products | Binance SupportIn an effort to protect users, Binance will remove and delist $FTT from the following products: 🔸 Simple Earn Flexible Products 🔸 USDⓈ-M Perpetual contracts 🔸 Cross Margin 🔸 Isolated Margin View settlement and delisting times here ⤵️
Read more »
FTX CEO John Ray Confirms Late-Night Hack, Says Company Is Working With Law EnforcementNew FTX_Official CEO John Ray said the company is “in contact with, and are coordinating with law enforcement and relevant regulators” after last night’s hack. cheyenneligon reports
Read more »
Binance CEO Likens FTX Fiasco to 2008 Financial Crisis — Warns of 'Cascading Effects' – Economics Bitcoin NewsBinance CEO Changpeng Zhao compares the FTX collapse to the 2008 financial crisis, warning of 'cascading effects.' crypto cryptocurrency
Read more »
Binance CEO Reveals Surprising Fact on FTX CollapseBinance CEO exposes shocking fact on FTX collapse FTT Crypto
Read more »
Binance CEO Zhao Pushes for Crypto Self-Custody; Trust Wallet Token Soars 80% to Record'Self-custody is a fundamental human right,' Zhao tweeted, encouraging people to use the company's Trust Wallet to take control of their coins.
Read more »
A Binance Event Through The Eyes of An Angel | Binance BlogBinance events play an integral part in building rapport with existing and potential Binancians. The company’s ambassadors, Binance Angels, are present at all major events, both sponsored and those put together directly by our teams. Angels’ role is to represent the ecosystem, help users solve any issues they might run into while using Binance products and services, and introduce the platform to potential new users.
Read more »