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Binance CEO weighs industry group for crypto regulation

In the wake of the FTX collapse, Binance CEO Changpeng "CZ" Zhao wants to set up an industry association that works closely with crypto regulators.

By Finst News
• 2 min read
Binance CEO weighs industry group for crypto regulation

In the wake of the FTX collapse, Binance CEO Changpeng "CZ" Zhao wants to establish an industry association that works closely with crypto regulators. The collapse of FTX has had a huge impact on the crypto sector. Besides the financial damage, many see the massive loss of trust in the sector—especially in the area of regulation—as the main consequence of the crash.

Changpeng "CZ" Zhao wants to counter this negative development with an industry association. The CEO of Binance announced this yesterday on Twitter. According to Zhao, the request did not come from his side alone.

"The association should maintain communication with regulators and cultivate sector 'best practices,' including transparency in the form of proof-of-reserves," the CEO said.

The group will consist of several giants in the industry. CZ added that this group must operate "independently." He expects Binance will not exert too much influence. In addition to restoring trust, CZ is also working on rebuilding the crypto industry. For that, the Binance CEO recently secured funding.

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