Binance CEO CZ spoke about cryptocurrency regulations and the future of the market at an event in Athens. He stated that what happened in FTX does not mean the end of the market.
Binance CEO: Better to regulate crypto market than fight
In their new statement, CZ says that as cryptocurrencies become mainstream, regulation rather than opposition in the industry will be a better option for governments. Binance CEO spoke at an event in Athens following the collapse of FTX. He stated that regulating the emerging industry would be better than fighting the industry:
I think most governments now understand better the fact that we will use cryptocurrencies no matter what. It is better to regulate the industry rather than trying to fight against it.
The regulation of cryptocurrencies has become a major topic of discussion in light of FTX filing for bankruptcy protection after withdrawing $6 billion from the market in three days. According to Reuters, an estimated one million creditors face losing billions of dollars. However, Zhao is of the opinion that the crypto market will recover from this devastating blow:
This year has been a very bad year, a lot has happened in the last two months. I think we see the market getting healthier now… Having FTX doesn’t mean all other business is bad.
Countries’ use of cryptocurrency as a reserve?
CZ also considered the possibility of countries adding cryptocurrencies such as Bitcoin to their reserves in the future. He said he expects countries to launch, especially in regions that don’t have their own currency. Zhao predicts that adoption will start in small countries first.
Binance allocates another $1 billion for recovery fund
The leading exchange announced on November 25 that it has set aside another $1 billion for the recovery fund. It effectively increased the size of the fund to over $2 billion. Binance CEO CZ announced the additional allocation on Twitter on Friday.
https://twitter.com/cz_binance/status/1596024244537737216
The fund raise comes a day after CZ said Binance is targeting $1 billion for its crypto recovery fund. Aptos Labs and Jump Crypto, along with other leading crypto companies, have joined Binance’s initiative and will contribute $50 million to the fund. The recovery fund is reserved especially for the distressed situation. The crypto market has seen many big drops since the beginning of the year. This led to the bankruptcy of several crypto companies. Binance is now allocating $2 billion worth of bailout funds against these events.
Binance changes its reserves
As you follow on Kriptokoin.com, Binance has decided to separate Solana-based Serum from its reserves. The leading exchange had decided to delist SRM a few days ago.
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