Binance chief unveils plans for crypto industry

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Binance CEO Changpeng Zhao has intervened in the ongoing global hacking crisis, declaring that no one can be protected from bad actors, as the collapse of its rival FTX shows.

He explained that it is not the sole responsibility of watchdogs to protect consumers and that the crypto sector must play its own role. However, he said that it is difficult to prevent a rogue figure from evading regulators, while calling for crypto regulation.

“No one can protect [from] a bad player, to be very frank, if a guy is very good at lying and very good at just pretending to be what he’s not. [If] somebody wants to violate the law, the law will not going to prevent that. The law can help to reduce that,” Zhao said.

“The industry collectively has a role to protect consumers, to protect everybody. So it’s not just regulators,” he added.

Zhao also announced the creation of a new industry association to develop common standards for the sector, as well as a reconstruction fund for stumbling crypto firms that are illiquid or struggling to sell assets in a volatile market.

The sources for this piece include an article in BBC.

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