Dominant cryptocurrency exchange Binance's chief executive Changpeng Zhao called for new but stable and clear regulations for the industry, in light of recent developments and participants 'cutting corners'.
Cryptocurrency exchange Binance founder and CEO Changpeng Zhao speaks at a Binance fifth anniversary event in Paris, France, July 8, 2022. REUTERS/Tom Wilson/File Photo
"We're in a new industry, we've seen in the past week, things go crazy in the industry," Zhao told a gathering of G20 leaders at the summit in Bali. "We do need some regulations, we do need to do this properly, we do need to do this in a stable way." "I think the industry collectively has a role to protect consumers, to protect everybody. So it's not just regulators. Regulators have a role but it's not 100% their responsibility," Zhao said.
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