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Binance CEO Changpeng Zhao (CZ) says most governments know crypto adoption will happen regardless of what they do. “It’s better to regulate the industry instead of trying to fight it,” the Binance CEO emphasized.
Binance CEO Changpeng Zhao (CZ) spoke about cryptocurrency regulation following the collapse of crypto exchange FTX on Friday at a Binance event in Athens, Greece.
I think most governments now understand that adoption will happen anyway. It is better to regulate the industry rather than try to fight it.
FTX, a major cryptocurrency trading platform, collapsed and filed for bankruptcy on November 11. An estimated 1 million creditors face losses totaling billions of dollars.
Zhao has compared the FTX meltdown to the financial crisis of 2008. He also warned of cascading effects. Nonetheless, he said he expects the crypto industry to recover.
CZ said this year “was a really nasty year,” elaborating:
In the last two months too much has happened. I think now we see that the industry is healthier … just because FTX happened, it doesn’t mean that all other businesses are bad.
To restore confidence in the crypto industry, Binance has committed $2 billion to a crypto industry recovery fund. The exchange provided details of the initiative this week.
In response to a question about how he sees countries adding cryptocurrencies, such as bitcoin, to their reserves in the future, Zhao said he expects countries without their own currencies to lead the trend. He opined: “The smaller countries will start first, I think.”
Last September, El Salvador became the first country to make bitcoin legal tender alongside the US dollar. Since then, the country has bought thousands of BTC for the treasury. El Salvador is now buying one bitcoin daily, Salvadoran President Nayib Bukele announced last week.
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