After the collapse of FTX, the CEO of Binance Discusses Crypto Regulation
At a Binance event on Friday in Athens, Greece, the company's Chief Executive Officer, Changpeng Zhao (CZ), addressed the topic of cryptocurrency regulation in the wake of the failure of the cryptocurrency exchange FTX.

I believe that the majority of countries are now aware that the adoption will occur anyway. Instead than trying to fight against the sector, it is preferable to control it.

On November 11, a large cryptocurrency trading platform known as FTX disbanded and subsequently filed for bankruptcy. There are around one million creditors who stand to lose a combined sum of billions of dollars.

Zhao has drawn parallels between the collapse of the FTX and the financial crisis that occurred in 2008. In addition, he cautioned about the domino effect. Despite this, he stated that he is optimistic about the future of the cryptocurrency business.

This year, according to CZ, "was a really horrible year," and he elaborated by saying the following:

The last two months have seen an excessive amount of activity. I believe that we can clearly observe that the industry is in better shape... Simply because FTX took happened does not imply that other businesses are automatically doomed to failure.

Binance has pledged two billion dollars to a fund for the resuscitation of the cryptocurrency business in order to help restore investors' faith in the sector. The conversation offered information on the initiative for this week.

In response to a question about how he sees countries, such as the United States, adding cryptocurrencies, such as bitcoin, to their reserves in the future, Zhao stated that he anticipates countries that do not have their own currency to be the ones to pioneer the trend. According to his point of view, "I think the smaller nations will start first."

El Salvador was the first country in the world to recognize bitcoin as legal cash alongside the U.S. dollar. This event took place in September of 2017. Since that time, the nation has stocked its Treasury with thousands upon thousands of BTC purchases. According to an announcement made by Salvadoran President Nayib Bukele a week ago, the Central American nation is now purchasing one bitcoin daily.

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