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Binance CEO Zhao Says Don’t Fight Crypto, Regulate

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The regulation of cryptocurrencies has been brought to the fore following the collapse of several platforms, culminating in the crash of the FTX exchange earlier this month.

Binance CEO Changpeng Zhao said on Friday that regulation rather than opposition to the crypto sector is a better option for world governments as digital currencies become more common.

Cryptocurrency regulation has become a focus following the collapse of several platforms, culminating in the crash of the FTX exchange earlier this month.

“I think most governments now understand that adoption will happen regardless. It is better to regulate the industry rather than try to fight it,” Zhao said, speaking at a Binance event in Athens.

The opaque world of cryptocurrency rose to prominence when FTX, a cryptocurrency exchange, filed for bankruptcy in the United States on November 11 after traders pulled $6 billion off the platform in three days.

The collapse has left some 1 million creditors facing losses totaling billions of dollars.

However, Zhao said he expected the industry to recover. “(This year) was a very unpleasant year, too much has happened in the last two months. I think we now see that the industry is healthier… just because FTX happened doesn’t mean all other business is bad,” he said . .

Asked if he saw countries adding cryptocurrencies like Bitcoin to their reserves in the future, Zhao said he hoped countries would start, particularly those without their own currency.

“The smaller countries will start first, I think,” he said.


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