Binance CEO says crypto industry needs clarity of rules

Changping Zhao, CEO of leading cryptocurrency exchange Binance, called on industry peers to create clearer and uniform rules across the industry. In his view, implementing such rules can make the industry more stable.

At the G-20 summit, Zhao noted that the industry in which they operate has just begun to form. Referring to recent events that are still making the whole industry nervous, he reiterated the need for rules that could bring order to the chaos going on. Zhao acknowledges that the industry itself protects consumers, but it’s impossible to rely entirely on it.

The CEO of Binance voiced his opinion immediately after his colleagues shared a further plan of action regarding the FTX exchange, which collapsed last week. FTX filed for bankruptcy on Friday, November 11. This came a week later, after clients began withdrawing assets en masse. 

Binance refused to help the FTX exchange. Moreover, over the weekend, Zhao announced on Twitter that Binance no longer accepts deposits of FTX's FTT token, and urged everyone to follow their example.