Beijing: As digital currencies become more widely used, Binance CEO Changpeng Zhao said on Friday that regulation of the crypto industry is a better option for international governments than opposition.
Regulation of cryptocurrencies has come into sharp focus following the failure of several platforms, which culminated in the crash of the FTX currency exchange earlier this month.
“I believe most governments now recognize that adoption will still happen. At a Binance event in Athens, Zhao said: “It is better to regulate the industry than to try to fight it.
The shadowy world of crypto came under the spotlight when cryptocurrency exchange FTX filed for bankruptcy protection in the US on November 11 after users withdrew $6 billion in three days.
An estimated 1 million creditors are now dealing with billions of dollars in losses as a result of the collapse.
Also Read: Musk will "amnesty" suspended Twitter accounts amid concerns about hate speech
Zhao nevertheless said he expected improvements in this area.
"(This year) was a very bad year; a lot happened in the last two months. I believe the industry is healthy now. Just because FTX happened, it doesn't mean that every other business is out of order.
Also Read: India Introduces Lava Blaze NXT
Zhao responded that he anticipated nations, especially those without their own currency, to begin adding cryptocurrencies like bitcoin to their reserves in the future.
I believe smaller countries will start first.