Binance CEO: Crypto industry needs clarity of regulations

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".

Zhao told a group of G20 leaders at the Bali summit, "We're in a new industry, and we've seen things go crazy in the industry in the last week. We need regulations, we need to do this right, and we need to do this in a stable way. His remarks come as colleagues and collaborators in the cryptocurrency sector lay out strategies for dealing with the demise of competing exchange Sam Bankman-FTX. Fried's After seeing customers withdraw assets for a week, FTX filed for bankruptcy on Friday. Binance also abandoned a rescue offer.

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