Binance CEO Zhao says crypto regulation is better than fighting it in wake of FTX crash
- Binance CEO Zhao Changpeng told an audience in Athens that governments ‘understand that adoption will happen regardless’
- The opaque world of crypto came into the spotlight after the implosion of FTX, which filed for bankruptcy this month
Binance chief executive officer Zhao Changpeng said on Friday regulation rather than opposition of the crypto sector is a better option for world governments as digital currencies become more mainstream.
Regulation of cryptocurrencies has come into sharp focus following the collapse of several platforms, culminating in the crash of the FTX currency exchange earlier this month.
“I think most governments now understand that adoption will happen regardless. It’s better to regulate the industry instead of trying to fight against it,” Zhao said, speaking at a Binance event in Athens.
The opaque world of crypto came into the spotlight when FTX, a crypto exchange, filed for bankruptcy protection in the United States on November 11 after traders pulled US$6 billion from the platform in three days.
The collapse has left an estimated 1 million creditors facing losses totalling billions of dollars.