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Crypto sector regulation a better option, says Binance chief

Binance chief executive officer Zhao Changpeng has suggested that governments regulate the crypto industry rather than fight it. Regulation of cryptocurrencies has come into sharp focus following the collapse of several platforms, including the crash of the FTX currency exchange that left an estimated 1 million creditors facing losses totaling billions of dollars. Zhao said he expected the industry to recover after this very nasty year, with the last two months having too much happening. He said that just because the FTX debacle happened does not mean that every other business is bad. Asked whether he saw countries adding cryptocurrencies such as bitcoin to their reserves in the future, Zhao said he expected countries to start, particularly those that do not have their own currency yet. He added that smaller countries are likely to start first.

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