Changpeng Zhao, Founder and CEO of Binance, the world’s leading blockchain ecosystem, and cryptocurrency infrastructure provider, spoke at the Business 20 (B20) Summit in Bali calling for improved regulation and guidelines to move the industry forward.
Speaking at the wings of the G20 Summit, CZ was among a select group of world leaders who discussed the future of technology and the importance of building the global tech landscape and talent field. He spoke as part of the plenary session, “Harnessing the power of innovation for future economic growth.”
CZ said: “Everybody in the industry has the responsibility to protect users. We hope industry players can cooperate to gather opinions and set strong standards. Given the recent series of events in this year, Binance sees the importance of developing common guidelines. We will try to get together with other industry players to form common business standards. All industry players need to increase transparency and work closely with regulators to make the industry more robust.”
His comments in the wake of another crisis plaguing the industry after FTX filed for bankruptcy after losing billions in investor funds. The company CEO has also alluded to a possibility of a hacking victim causing the cryptocurrency exchange to lose US$515 million.
