Changpeng Zhao, chief executive of dominant cryptocurrency exchange Binance, has called for new but stable and clear regulations for the industry in light of recent developments and participants cutting corners.
His comments come as crypto industry peers and partners outline steps to deal with the collapse of rival exchange FTX, founded by Sam Bankman-Fried.
FTX filed for bankruptcy on Friday after a week of seeing customers pull assets and Binance abandoning a rescue offer.
Zhao says the industry collectively has a role to protect consumers, to protect everybody adding that regulators have a role but it’s not 100% their responsibility.