Binance CEO Changpeng Zhao (CZ) stated that most governments recognize that cryptocurrency adoption will occur regardless of their actions. “It’s better to regulate the industry than to fight it.”
CZ spoke about crypto regulation following the collapse of the FTX exchange at a Binance event in Athens, Greece. FTX filed for bankruptcy on November 11, affecting an estimated one million creditors with losses in the billions of dollars.
CZ compared the FTX collapse to the 2008 financial crisis and warned of cascading effects. However, he anticipates recovery for the crypto industry. Binance has allocated $2 billion to a recovery fund to restore confidence. Smaller nations without their own currency are expected to lead in adopting cryptocurrencies like Bitcoin.
El Salvador was the first country to make Bitcoin legal tender alongside the US dollar. Despite the bear market, major Bitcoin holders have increased their holdings, while smaller retail wallets have decreased by 80%.
