Binance Boss: The World Better Regulates Crypto Than Dismantling It

Binance Chief Executive Officer (CEO) Changpeng Zhao, crypto regulation is more necessary. (photo: twitter @cz_binance)

JAKARTA - Binance Chief Executive Officer (CEO) Changpeng Zhao stated on Friday, November 25 that regulation is more necessary than opposition attitudes towards the crypto sector. Regulation is also a better choice for the world government because digital currencies can be more important.

Cryptocurrency regulation has become a sharp focus after the collapse of several platforms, culminating in the FTX currency exchange earlier this month.

"I think most governments now understand that adoption will happen regardless of that. It's better to regulate industry than try to fight it," Zhao said, speaking at a Binance event in Athens.

The crypto opaque world was in the spotlight when FTX, a cryptocurrency exchange, filed for bankruptcy protection in the United States on November 11 after merchants withdrew US$6 billion (Rp 94 trillion) from the platform in three days.

The collapse of FTX has caused around 1 million creditors to face losses of up to billions of dollars.

However, Zhao said he expected the crypto industry to recover. "This year has been a very bad year, in the last two months too much has happened. I think now we see the industry as healthier, just because FTX is happening doesn't mean every other business is bad," said CZ.

Asked if he saw the country adding cryptocurrencies like Bitcoin to their future reserves, Zhao said he expected the country to start, especially those without its own currency.

"Smaller countries will start first, I think," he said.