Binance CEO Changpeng Zhao has said crypto adoption will continue no matter what happens on the regulation front.
Addressing a Binance event in Athens, Greece, the Binance chief executive noted that crypto regulation has become a very hot topic after the FTX collapse. He called on countries to propose regulations than oppose the crypto sector.
CZ affirmed most governments understand that the adoption of crypto will happen regardless of regulation plans or not. So, it is better to regulate the industry than try to fight against it.
Comparing the collapse of FTX to the 2008 financial crisis, CZ said the industry will recover. He sounded bullish on bitcoin adoption and predicted countries might start adding cryptocurrencies like bitcoin to their foreign currency reserves in the future.
Crypto industry needs to self-police
Meanwhile, billionaire Bill Ackman urged the crypto industry to self-police or face the peril of a shutdown. Ackman is not for a long wait of regulators coming with resources to police the bad actors in the crypto space. It will take many years.
Ackman is the CEO of Pershing Square Capital Management and an investment adviser with the US Securities and Exchange Commission (SEC).
Noting much of the fraud is an old-fashioned pump and dump schemes and failure of custodians to protect customer funds, Ackman said many existing anti-fraud and related laws can handle these violations and only need stricter enforcement.
