Changpeng Zhao, the CEO of the crypto exchange Binance, stated that the countries should regulate crypto instead of standing against it, asserting that a wide-ranged adoption of this sector would take place in any case. On Friday, during an event conducted by Binance in Athens, Zhao mentioned that the regulation of cryptocurrency has again turned into a widely discussed subject after the abrupt decline of FTX.
Zhao Says Crypto Adoption Will Rise Irrespective of Authorities’ Decisions over Regulation
He recommended that the authorities of the countries should present regulations instead of confronting the crypto world. He added that the majority of governments currently understand that the adoption of cryptocurrency would take place on a broad scale. Thus, he categorized it to be a good decision to regulate the respective industry rather than attempting to pull it back.
The reports pointed out that FTX declared having submitted for Chapter 11 bankruptcy recently in November. Approximately $10B worth of consumer assets had been lent by it for the funding of risky bets carried out on the behalf of Alameda Research (a trading company affiliated with FTX). Because of this, the consumers of the exchange have criticized it. At present, nearly 1M creditors are going through losses after the collapse of the crypto exchange.
Binance CEO Compares FTX Decline with 2008’s Crisis
Apart from that, the contagion has been spreading during the previous two weeks. The most recent crypto platforms that have been affected by this take account of Gemini, Genesis, BlockFi, and Liquid. In the meantime, Zhao drew a comparison between the FTX crash and the financial crisis of 2008 however asserted that the market will potentially recover. He claimed that 2022 was a considerably bad year. As per him, the present state of the industry is good.
Zhao expressed bullishness on the adoption of the primary crypto asset. While disclosing his opinion over the adoption of Bitcoin and other cryptocurrencies by the countries for reserves, he anticipated that this would occur, specifically in the case of those countries which lack a local currency.
In addition to Zhao, Thomas Lee (a prominent strategist from Wall Street and the Fundstrat Global Advisors’ co-founder) is of the view that the crypto sector will escalate against notwithstanding its dissuading performance during the present year.
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