ATHENS – According to Binance CEO Zhao Changpeng, regulation of cryptocurrencies is a better option for the government than the opposition. Adoption will happen regardless, and the government said it would be best to regulate the industry rather than try to fight it.
The crypto regulation debate was pushed to the forefront of the global conversation in light of the collapse of the FTX exchange earlier this month. The trader withdrew $6 billion from the platform in three days, leaving an estimated 1 million creditors to face billions of dollars in losses. Despite this, Zhao remains optimistic about the industry’s future, saying that after a “very thorny” year, the industry is now healthier.
When asked if he has seen countries add cryptocurrencies such as Bitcoin to their reserves, Zhao said smaller countries are likely to do so first. “I think small countries start first,” he said.
The idea of crypto regulation is seen as an inevitable step for governments as digital currencies become more mainstream, rather than as a precautionary measure to protect their citizens. He said there has been a shift in understanding of what should happen and that this approach is leading to a healthier industry.
(Reporting by Lenny Marteszou; Writing by Michele Campas; Editing by Anna Driver)
