NUSA DUA, INDONESIA: Dominant cryptocurrency exchange In light of recent developments and participants’ “cutting corners,” Changpeng Zhao, the CEO of Binance, called for new regulations for the sector that are stable and unambiguous.
At the Bali summit, Zhao said to a group of G20 leaders, “We’re in a new sector, and we’ve seen things go crazy in the business in the previous week. We must perform as expected, adhere to the regulations, and behave responsibly.
His remarks come as colleagues and collaborators in the cryptocurrency sector lay out strategies for dealing with the demise of rival exchange Sam Bankman-Fried’s FTX.After watching consumers withdraw assets for a week, FTX filed for bankruptcy on Friday.Binance also abandoned a rescue offer.
“I believe it is the responsibility of the industry as a whole to protect everyone, including the consumer. So, it’s not just the regulators. Regulators contribute to the problem, but they are not completely to blame for it “Zhao stated.
Over the weekend, he tweeted a request for other exchanges to follow Binance’s example and cease taking FTT token deposits on their platform.