Prestigious cryptocurrency exchange In light of recent developments and participants ‘cutting shortcuts,’ Changpeng Zhao, the CEO of Binance, asked for new laws for the sector that are stable and unambiguous.
Zhao told a group of G20 leaders at the Bali summit, ‘We’re in a new sector, and we’ve seen things go crazy in the industry in the last week. We need regulations, we need to do this well, and we need to do this in a stable way.’
His remarks come as colleagues and collaborators in the cryptocurrency sector lay out strategies for dealing with the demise of competing exchange Sam Bankman-Fried’s FTX.
After seeing customers withdraw assets for a week, FTX filed for bankruptcy on Friday. Binance also abandoned a rescue offer.
‘I believe that the industry as a whole has a responsibility to protect customers and everyone. Therefore, it isn’t simply regulators. Regulators play a part but are not solely responsible for the situation’ said Zhao.
He had tweeted over the weekend asking other exchanges to follow Binance’s lead and stop accepting deposits of FTX’s FTT token on their platform.