Changpeng Zhao talked about the current crypto environment which arose because of FTX’s bankruptcy and said that it’s time to work forward on regulation.
Changpeng Zhao is the founder & CEO of the Binance crypto exchange. Binance is a first-ranked crypto company, in terms of 24 hours global crypto trade on its platform. Binance exchange is known for its transparent activities & ability to fight against bad actors, to maintain a better environment in its crypto ecosystem & crypto sector.
On Friday of this week, Changpeng Zhao appeared at the Binance event in Athens (Greece) and talked about the recent downfall events that appeared in the crypto sector like FTX bankruptcy, Genesis downfall, etc.
Zhao indirectly noted that such situations are not part of the nature of crypto & blockchain Technology, instead a part of the fault in the partial regulatory framework.
He noted that the current situation once again dragged the need for crypto regulation in the crypto sector.
Binance CEO said that countries’ policymakers should now focus on creating a better regulatory framework to ensure the safety of the investors instead of fighting against this sector because crypto regulation will surely happen no matter what will be the regulatory approach of the government agencies.
“I think most governments now understand that adoption will happen regardless. It’s better to regulate the industry instead of trying to fight against it,” Binance’s CEO said.
Zhao also compared this situation of the crypto sector with the 2008 financial crisis and said that situation of the crypto sector in the last two months was worst but still it will recover to a better position because the downfall of the FTX & few other bad crypto companies doesn’t mean that all the crypto companies are bad.
Crypto leader also replied to the question “whether countries will move toward Bitcoin adoption as a reserve fund”. He said that all those countries which don’t have their official currency, will go for Bitcoin adoption & buy a plan.
Read also: US congressman criticises SEC boss over wrong crypto regulation approach
Better to regulate instead of fight against crypto, Says Binance Executive
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