According to Binance CEO Changpeng Zhao (CZ): Most governments know that crypto adoption will happen regardless of what they do. “It is better to regulate the industry than to try to compete with it,” Binance executives stressed.
Binance CEO on crypto regulation after FTX collapse
Binance CEO Changpeng Zhao (CZ) said on Friday that crypto exchange FTX collapsed We talked about later cryptocurrency regulation. Binance event in Athens, Greece.
I think most governments understand that there will be an introduction anyway. It would be better to regulate the industry than try to compete with it.
He filed for bankruptcy on November 11, following the bankruptcy of FTX, a major cryptocurrency trading platform. An estimated 1 million creditors face losses totaling billions of dollars.
Zhao compared the FTX meltdown he compared to the 2008 financial crisis. He also warned about cascading effects. Nonetheless, he said he hopes the cryptocurrency industry will recover. said to
Too much happened in these two months. I think the industry is healthier now… just because FTX happened doesn’t mean all other businesses are bad.
To restore confidence in the crypto industry, Binance committed his $2 billion to the crypto industry recovery fund . The exchange provided details of the initiative this week.
Responding to a question about what countries will look like to add cryptocurrencies such as Bitcoin to their reserves in the future, Zhao expected countries without their own currencies to lead the trend. said that “I think small countries start first,” he said.
Last September, El Salvador became the first country to legalize Bitcoin alongside the US dollar. Since then, the country has purchased thousands of BTC for its treasury. El Salvador is now buying one bitcoin every day, his Salvadoran President Nayib Bukele announced last week.
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