The head of leading cryptocurrency exchange Binance, Changpeng Zhao, is calling for clear regulation for the industry in light of the latest developments following the collapse of trading platform FTX. “We are in a new field of business, we have seen in the last week how crazy things have become,” Zhao said at the G20 meeting in Bali on Monday.
“We need some regulation, we need to get it right, we need to entrench it.” The industry has a common task to protect consumers. It’s not just the job of the regulators.
FTX had to file for bankruptcy in the US
FTX had filed for bankruptcy protection in the US on Friday – Kroon.at reported. Binance had previously refrained from buying rival FTX’s FTX.com division after an extensive audit.
The plight of FTX caused turmoil in the cryptocurrency market. The oldest and most important cyber currency, Bitcoin, and number two, Ethereum, have lost a lot of value in recent days. In the US, the call for stricter regulation of the industry became louder.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
