Binance CEO Changpeng Zhao reportedly says the world’s governments should regulate the digital asset industry instead of opposing it.
Reuters reports that during a speech at a Binance event in Athens, Greece, the chief executive of the largest crypto exchange by volume says that authorities should embrace the industry now that they know it’s becoming mainstream.
“I think most governments now understand that adoption will happen regardless. It’s better to regulate the industry instead of trying to fight against it.”
In turn, Zhao thinks that the industry needs to be more transparent. In an interview with Fortune Greece, he says crypto companies should prove their reserves and do more checks.
“We need to become more transparent as an industry. But it’s very difficult to know if someone wants to lie, since they are our competitor.”
Zhao’s statement comes as the crypto industry suffers from the devastating impact of the FTX collapse, which has put greater scrutiny on the reserves systems of exchanges and other firms.
Despite the current turmoil, Zhao is optimistic that crypto will recover.
“Just because FTX happened it does not mean that every other business is bad.”
Zhao predicts that smaller countries without their own currencies will be the first to bring regulatory clarity to crypto.
“The smaller countries will start first, I think.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Sensvector/Philipp Tur