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Market News Binance CEO Zhao says don’t fight crypto, regulate it

Binance CEO Zhao says don’t fight crypto, regulate it

As digital currencies grow more widely used, Binance Chief Executive Officer Changpeng Zhao stated on Friday that regulation of the crypto sector, as opposed to opposition, is a better option for international governments.

Jimmy Khan
2022-11-28
311

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As digital currencies grow more widely used, Binance Chief Executive Officer Changpeng Zhao stated on Friday that regulation of the crypto sector, as opposed to opposition, is a better option for international governments.


Following the failure of multiple platforms, which culminated in the meltdown of the FTX currency exchange earlier this month, regulation of crypto currencies has come into sharp focus.


"I believe that most governments now recognize that adoption will still occur. At a Binance event in Athens, Zhao said: "Regulating the sector is preferable to attempting to battle it.


When FTX, a cryptocurrency exchange, applied for bankruptcy protection in the US on Nov. 11 after users withdrew $6 billion in three days, the shadowy world of cryptocurrencies came under the spotlight.


An estimated 1 million creditors are now dealing with losses amounting to billions of dollars as a result of the collapse.


Zhao nevertheless stated that he anticipated a recovery in the sector. "(This year) was a very bad year; too much has transpired in the previous two months. Now that the industry is healthy, I believe, It's not true that all businesses are evil merely because FTX happened, he stated.


Zhao said that he anticipated nations, especially those without their own currency, would begin adding digital assets like Bitcoin to their reserves in the future.


I believe the smaller nations will begin first, he remarked.

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