On November 14, Changpeng Zhao, CEO of Binance, told a gathering of G20 leaders at the summit in Bali that a new industry of cryptocurrency exchanges required stable and clear regulations.
“We’re in a new industry, we’ve seen in the past week, things go crazy in the industry,” he said. “We do need some regulations, we do need to do this properly, we do need to do this in a stable way.” His comments came after his peers and partners in crypto space outlined steps to deal with the collapse of Sam Bankman-Fried’s FTX.
After a week, customers pulled assets from FTX, and FTX filed for bankruptcy. Binance abandoned the 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, Binance stopped accepting deposits of FTX’s FTT token on its platform and told other exchanges to do the same. He said it on Twitter.