NUSA DUA, Indonesia, November 14 (Reuters) – The CEO of dominant crypto exchange Binance has called for new but stable and clear regulations for the industry in light of recent developments and participants “cutting corners.”
“We are in a new industry, we saw it last week, things are going crazy in this industry,” Zhang Bingchao told a gathering of G20 leaders at a summit in Bali. “We need some regulation, we need to do it right, we need to do it in a stable way.”
His comments come as peers and partners in the crypto industry are outlining steps to deal with the collapse of rival Sam Bankman-Fried exchange, FTX.
FTX declared bankruptcy on Friday, a week after seeing customers withdraw assets and Binance abandoning its bailout offer.
“I think the industry has a collective role in protecting consumers and protecting everyone. So they are not just regulators. Regulators have a role but they are not 100% their responsibility,” Zhao said.
Over the weekend, he tweeted that Binance had stopped accepting FTT token deposits for FTX on its platform, and urged other exchanges to do the same.
Additional reporting by Francesca Nangue and Gayatri Suryo. Editing by Jacqueline Wong
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