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Crypto Leader Calls For World Regulation

NASSAU, BAHAMAS – The Attorney General gets set to address the nation on the fallout of FTX. The biggest competitor of the now bankrupt Bahamas based crypto exchange is calling on governments around the world to not fight against the industry.

Published

3 years ago

November 26, 2022

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Chief Executive Officer of Binance Changpeng Zhao, better known as CZ, is trying hard to save the world of crypto, calling for world governments to embrace regulation over opposition to the crypto sector, as digital currencies become more mainstream.

The issue coming into sharp focus following the collapse of several platforms, culminating in the crash of Bahamas based FTX digital markets earlier this month.

“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,” Zhao said, speaking at a Binance event in Athens.

FTX – once revered as the third largest crypto exchange in the world – now in bankrupty proceedings following what financial experts describe as a run on the bank with many investors cashing out all at the same time.

The collapse has left an estimated 1 million creditors facing losses totalling billions of dollars.

The securities commission moved to freeze the company’s digital assets forcing a supreme court ordered provisional liquidation.

The government praised the project just six months prior during a globally attended crypto currency conference at Baha Mar.

At the time, the company’s now former CEO Sam Bankman-Fried touting the recently enacted digital assets and registered exchanges act, 2020, as a deciding factor in setting up shop in The Bahamas.

Despite the fall of FTX, Zhao says he has high expectations for the industry’s recovery.

“I would expect recovery. So I think, look, 2022 was a really nasty year, the last six months, it was like, too much has happened. So I think now, actually I think now the industry is healthier. A year ago when everyone was trying to snowball in, that was not healthy,” he said, adding, “Just because FTX happened it does not mean that every other business is bad.”

While The Bahamas fights for jurisdiction in FTX’s bankruptcy proceedings in the New York Southern District Bankruptcy Court, the fate and status of some $60 million in promised investment, still unknown at this time.

Attorney General Ryan Pinder is expected to make a nationally televised address on FTX on Sunday.