NUSA DUA, INDONESIA (Reuters) – Binance Chief Executive Changpeng Zhao has called for stable and clear new 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 the industry,” Zhao told a meeting of G20 leaders at the Bali summit. “We need regulations, we need to do it right, we need to do it stably.”
His comments come as crypto industry peers and partners outline steps to deal with the collapse of rival exchange Sam Bankman-Fried FTX.
FTX filed for bankruptcy on Friday after watching clients withdraw assets for a week and Binance dropped a bailout bid.
“I think the industry collectively has a role to play in protecting consumers, in protecting everyone. So it’s not just regulators. Regulators have a role but it’s not 100% their responsibility.” , Zhao said.
Last weekend, he tweeted that Binance had stopped accepting deposits for FTX’s FTT token on its platform and urged other exchanges to do the same.
(Reporting by Fransiska Nangoy and Gayatri Suroyo; Writing by Vidya Ranganathan; Editing by Jacqueline Wong)