{"id":16835,"date":"2022-11-15T05:42:23","date_gmt":"2022-11-15T05:42:23","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/biggest-crypto-exchange-binance-urges-new-industry-rules"},"modified":"2022-11-15T06:52:39","modified_gmt":"2022-11-15T06:52:39","slug":"biggest-crypto-exchange-binance-urges-new-industry-rules","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/biggest-crypto-exchange-binance-urges-new-industry-rules","title":{"rendered":"Biggest crypto exchange Binance urges new industry rules"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>The head of the world’s biggest cryptocurrency exchange has told global leaders new regulations are needed.<\/b><\/p>\n

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

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

It follows the bankruptcy of the FTX exchange, which shook the industry and wiped billions off the crypto market.<\/p>\n

The failure of the rival exchange, founded by Sam Bankman-Fried, has left many small investors worried they face big losses.<\/p>\n

‘Protect consumers’<\/b><\/p>\n

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

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

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

“The industry collectively has a role to protect consumers, to protect everybody. So it’s not just regulators,” he said.<\/p>\n

In many countries, cryptoassets are lightly regulated compared with other financial sectors, with few protections for consumers.<\/p>\n

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

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 cover their immediate needs – would reduce the risk of “cascading negative effects” following FTX’s bankruptcy.<\/p>\n

To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify. 1\/2<\/p>\n

Binance’s announcement it would offload its holdings of FTX’s cryptocurrency, FTT, and its subsequent abandonment of a rescue deal for the troubled exchange – after carrying out due diligence checks – were factors in FTX’s collapse, which wiped an estimated $200bn (\u00a3170bn) off the crypto market in a matter of days.<\/p>\n

And it is now feared other crypto businesses could be at risk, as investors withdraw funds.<\/p>\n

Rescue plan<\/b><\/p>\n

Meanwhile UK MPs on the Commons Treasury Select Committee were able to quiz business figures, including Binance, as part of their inquiry into the cryptoasset industry.<\/p>\n

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

That, he alleged, was caused by “failures around governance, around risk management, around excessive leverage, about, if we believe the reports, inappropriate use of clients’ assets”.<\/p>\n

Instead Binance had been trying to rescue FTX, realising the implications for the wider industry.<\/p>\n

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

The incident, he argued, showed the need for regulation.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. The head of the world’s biggest cryptocurrency exchange has told global leaders new regulations are needed. Binance chief Changpeng Zhao was speaking at a conference in Bali, Indonesia, attended by heads of the G20 group of nations. The company has also announced plans for a recovery fund to help struggling crypto businesses. […]<\/p>\n","protected":false},"author":84,"featured_media":16834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[233,237,234],"class_list":["post-16835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nBiggest crypto exchange Binance urges new industry rules - Botswana<\/title>\n<meta name=\"description\" content=\"The head of the world's biggest cryptocurrency exchange has told global leaders new regulations are needed. 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