Changpeng Zhao (CZ), the CEO of Binance, the world’s largest cryptocurrency exchange, called for clearer regulations for the crypto industry, considering recent developments and participants cutting corners.

“We’re in a new industry, we’ve seen in the past week, things go crazy in the industry,” the CEO said at the B20 event of the G20 summit in Bali. 

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“We do need some regulations, we do need to do this properly, we do need to do this in a stable way,” Zhao added. 

The fallout in the crypto industry grew since Friday when the rival exchange FTX declared bankruptcy and its founder Sam Bankman-Fried resigned. 

“The entire crypto industry had been in turmoil,” Zhao said while calling for regulations in the industry. 

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“I think the industry collectively has a role to protect consumers, to protect everybody. So it’s not just regulators. Regulators have a role but it’s not 100% their responsibility,” Zhao added.

FTX filed for bankruptcy on Friday, November 11, 2022, after traders rushed to remove $6 billion off the platform in just 72 hours.

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The 30- year-old founder Sam Bankman-Fried had gone from being the face of the industry to being responsible for the worst crash in the sector as a result of shoddy practices at the exchange platform.

It is rather contrasting that an industry that took pride in being unregulated and out of the scope of red-tapism of bureaucracy is not itself coming around be under the purview of regulations. The confidence of crypto traders can be said to be at all-time low levels, after the sudden collapse of FTX and only regulations can restore it.  

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FTX’s token, FTT, had lost around 95% of its value in the past 7 days at $1.50, according to The dominant Bitcoin slipped around 20% in the past 7 days at $16,800. Ethereum’s value also eroded over 20% to $1260.