{"id":22575,"date":"2022-11-17T11:04:25","date_gmt":"2022-11-17T11:04:25","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/biggest-crypto-exchange-binance-urges-new-industry-rules"},"modified":"2022-11-17T11:17:34","modified_gmt":"2022-11-17T11:17:34","slug":"biggest-crypto-exchange-binance-urges-new-industry-rules","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/biggest-crypto-exchange-binance-urges-new-industry-rules","title":{"rendered":"Biggest crypto exchange Binance urges new industry rules"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>The head of the world\u2019s 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.<\/p>\n

The company has also announced plans for a recovery fund to help struggling crypto businesses. 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. \u2018Protect consumers\u2019 \u201cWe\u2019re in a new industry, we\u2019ve seen in the past week, things go crazy in the industry,\u201d Mr Zhao, known as CZ, said, according to the Reuters news agency.<\/p>\n

\u201cWe do need some regulations, we do need to do this properly, we do need to do this in a stable way.<\/p>\n

\u201d But crypto companies also had responsibilities, Mr Zhao said.<\/p>\n

\u201cThe industry collectively has a role to protect consumers, to protect everybody. So it\u2019s not just regulators,\u201d he said. 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 \u2013 for otherwise strong companies unable to find enough cash, or assets that can be easily converted into cash, to cover their immediate needs \u2013 would reduce the risk of \u201ccascading negative effects\u201d following FTX\u2019s 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\u2019s announcement it would offload its holdings of FTX\u2019s cryptocurrency, FTT, and its subsequent abandonment of a rescue deal for the troubled exchange \u2013 after carrying out due diligence checks \u2013 were factors in FTX\u2019s 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. Rescue plan 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\u2019s actions had contributed to the collapse of FTX. That, he alleged, was caused by \u201cfailures around governance, around risk management, around excessive leverage, about, if we believe the reports, inappropriate use of clients\u2019 assets\u201d.<\/p>\n

Instead Binance had been trying to rescue FTX, realising the implications for the wider industry. He told MPs that the exchange \u201cstarted that due diligence process and realised something was very wrong and we pulled out of it\u201d. The incident, he argued, showed the need for regulation.<\/p>\n

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

Africa-Press – Mauritius. The head of the world\u2019s 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":22574,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[233,245,241,446],"class_list":["post-22575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-mauritius","tag-mauritius","tag-world"],"yoast_head":"\nBiggest crypto exchange Binance urges new industry rules - Mauritius<\/title>\n<meta name=\"description\" content=\"The head of the world\u2019s biggest cryptocurrency exchange has told global leaders new regulations are needed. 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