Exclusive | Binance’s former CFO warns about ‘long winter’ in cryptocurrency market after FTX collapse
- In an exclusive interview with the Post, Zhou Wei says he expects the cryptocurrency market to become more tightly regulated after the FTX scandal
- In retrospect, China’s outright ban on cryptocurrency trading and mining is ‘OK’ because it offers certainty and clarity, the former CFO says
Zhou Wei, former chief financial officer of the world’s largest cryptocurrency exchange Binance, said the crypto market will remain depressed for a long time with more restrictive regulations on the way, following the collapse of FTX.
“Basically, we have to all brace ourselves for a pretty long winter in the crypto world,” Zhou said in an exclusive interview with the South China Morning Post on Wednesday.
“It’s going to push everyone into a deeper bear market,” said Zhou, who quit Binance last year and is currently the CEO of Coins.ph, a fiat and crypto mobile wallet in the Philippines that he bought from Indonesian on-demand services giant Gojek earlier this year.
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What are cryptocurrencies?
Before the implosion, FTX was Binance’s closest rival in the crypto exchange business.
The price of bitcoin, the most traded virtual currency, has since dived nearly 20 per cent, while the value of ethereum, another popular token, has plummeted 23 per cent.