{"id":69853,"date":"2022-11-15T07:17:03","date_gmt":"2022-11-15T07:17:03","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/11\/15\/biggest-crypto-exchange-binance-urges-new-industry-rules\/"},"modified":"2022-11-15T07:17:03","modified_gmt":"2022-11-15T07:17:03","slug":"biggest-crypto-exchange-binance-urges-new-industry-rules","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/11\/15\/biggest-crypto-exchange-binance-urges-new-industry-rules\/","title":{"rendered":"Biggest crypto exchange Binance urges new industry rules"},"content":{"rendered":"
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The head of the world’s largest cryptocurrency exchange has told global leaders that new regulations are needed.<\/b><\/p>\n<\/div>\n

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Binance CEO Changpeng Zhao was speaking at a conference in Bali, Indonesia, attended by leaders of the G20 group.<\/p>\n<\/div>\n

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The company has also announced plans for a recovery fund to help ailing crypto companies.<\/p>\n<\/div>\n

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It follows the bankruptcy of the FTX exchange that rocked the industry and wiped out billions from the crypto market.<\/p>\n<\/div>\n

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The failure of the competing exchange founded by Sam Bankman-Fried has many small investors fearing they could face huge losses.<\/p>\n<\/div>\n

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“We’re in a new industry, we’ve seen things go crazy in the industry over the past week,” said Mr. Zhao, aka CZ, according to Reuters news agency. <\/p>\n<\/div>\n

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“We need some regulation, we need to do this properly, we need to do this in a stable way.”<\/p>\n<\/div>\n

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But crypto companies also have responsibilities, Mr. Zhao said.<\/p>\n<\/div>\n

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\u201cThe industry has a collective responsibility to protect consumers, to protect everyone. So it’s not just the regulators,” he said.<\/p>\n<\/div>\n

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In many countries, cryptoassets are lightly regulated compared to other financial sectors, with little protection for consumers.<\/p>\n<\/div>\n

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The UK government has previously announced plans to regulate stablecoins, which, as the name suggests, are designed to have a stable value pegged to traditional currencies or assets like gold.<\/p>\n<\/div>\n

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Mr Zhao said the recovery fund – for otherwise strong companies unable to find enough cash or assets that can be easily converted into cash to meet their immediate needs – would face the risk of “cascading negative impacts”. of FTX bankruptcy.<\/p>\n<\/div>\n

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Binance’s announcement of divesting its holdings in FTX’s cryptocurrency, FTT, and subsequent abandonment of a bailout deal for the ailing exchange – after conducting due diligence – were factors in the collapse of FTX, worth an estimated $200 billion. USD (GBP 170 billion) wiped out the crypto market in a matter of days.<\/p>\n<\/div>\n

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And there are now fears that other crypto companies could be at risk if investors withdraw funds.<\/p>\n<\/div>\n

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Meanwhile, UK MPs on the Commons Treasury Select Committee have been able to question business numbers, including Binance, as part of their inquiry into the cryptoasset industry.<\/p>\n<\/div>\n

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Daniel Trinder, Binance vice president of government affairs in Europe, denied that the company’s actions contributed to FTX’s collapse.<\/p>\n<\/div>\n

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That, he claimed, was caused by “failures in governance, risk management, excessive leverage and, if we believe the reports, inappropriate use of client assets.”<\/p>\n<\/div>\n

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Instead, Binance had tried to rescue FTX, recognizing the impact on the entire industry.<\/p>\n<\/div>\n

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He told MPs that the exchange “started this due diligence process and realized something was very wrong and we pulled out of it”.<\/p>\n<\/div>\n

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The incident, he argued, showed the need for regulation.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The head of the world’s largest cryptocurrency exchange has told global leaders that new regulations are needed. Binance CEO Changpeng Zhao was speaking at a conference in Bali, Indonesia, attended by leaders of the G20 group. The company has also announced plans for a recovery fund to help ailing crypto companies. It follows the bankruptcy […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-69853","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nBiggest crypto exchange Binance urges new industry rules - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/11\/15\/biggest-crypto-exchange-binance-urges-new-industry-rules\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biggest crypto exchange Binance urges new industry rules\" \/>\n<meta property=\"og:description\" content=\"The head of the world’s largest cryptocurrency exchange has told global leaders that new regulations are needed. 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