'We need regulations', says Binance CEO after rival exchange FTX goes under

Ever since cryptocurrency exchange FTX declared bankruptcy and its cryptocurrency genius and founder Sam Bankman-Fried resigned, the entire sector has been in turmoil. Now, FTX's rival exchange Binance's Chief Executive Changpeng Zhao has called for regulations in the industry.

"We're in a new industry, we've seen in the past week, things go crazy in the industry. We do need some regulations, we do need to do this properly, we do need to do this in a stable way," said Zhao while speaking at the G20 leaders' summit in Bali.

"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," he added.

As reported by WION, Zhao on Friday announced that his company no longer accepts deposits of FTX's FTT token on its platform.

"(Binance) has stopped FTT deposits, to prevent the potential of questionable additional supplies affecting the market. We will monitor the situation," said CEO Zhao in a tweet.

FTX filed for bankruptcy last Friday after traders rushed to remove $6 billion off the platform in only 72 hours.

Sam Bankman-Fried, the exchange's 30-year-old founderhas gone from being the face of the industry to being responsible forthe sector's worst crash as a result of shoddy practices at the exchange platform.

It is rather intriguing that an industry that took pride in being unregulated and far away from the red-tapism of bureaucracy is now coming around to it. According to experts, the confidence of crypto investors is at an all-time low and only regulation can restore it.

(With inputs from agencies)

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