The CEO of Binance claims that the cryptocurrency market needs clear regulations

The leading cryptocurrency exchange In light of recent developments and participants’ “cutting corners,” Changpeng Zhao, the CEO of Binance, called for new, stable, and unambiguous regulations for the sector.
“We’re in a new industry, we’ve seen in the past week, things go crazy in the industry,” Zhao told a gathering of G20 leaders at the summit in Bali. “We do need some regulations, we do need to do this properly, we do need to do this in a stable way.”
His comments come as crypto industry peers and partners outline steps to deal with the collapse of rival exchange Sam Bankman-Fried’s FTX.
FTX filed for bankruptcy on Friday after a week of seeing customers pull assets and Binance abandoned a rescue offer.
“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 said.
He had tweeted over the weekend asking other exchanges to follow Binance’s lead and stop accepting deposits of FTX’s FTT token on their platform.