Binance CEO Zhao says don't fight crypto, regulate it – Reuters
[1/2] Zhao Changpeng, founder and chief executive officer of Binance speaks during an event in Athens, Greece, November 25, 2022. REUTERS/Costas Baltas
ATHENS, Nov 25 (Reuters) – Binance Chief Executive Officer Changpeng Zhao said on Friday regulation rather than opposition of the crypto sector is a better option for world governments as digital currencies become more mainstream.
Regulation of crypto currencies has come into sharp focus following the collapse of several platforms, culminating in the crash of the FTX currency exchange earlier this month.
"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," Zhao said, speaking at a Binance event in Athens.
The opaque world of crypto came into the spotlight when FTX, a crypto exchange, filed for bankruptcy protection in the United States on Nov. 11 after traders pulled $6 billion from the platform in three days.
The collapse has left an estimated 1 million creditors facing losses totalling billions of dollars.
Nonetheless, Zhao said he expected the industry to recover. "(This year) was a very nasty year, the last two months too much has happened. I think now we see the industry is healthier… just because FTX happened it does not mean that every other business is bad," he said.
Asked whether he saw countries adding crypto currencies such as Bitcoin to their reserves in the future, Zhao said he expected countries to start, particularly those which did not have their own currency.
"The smaller countries will start first, I think," he said.
Our Standards: The Thomson Reuters Trust Principles.
Bob Koneck, Alex Lempiner
Sara Merken, David Thomas
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved