Binance CEO CZ Urges Officials: “Arrange Us Like This!”

world’s largest cryptocurrency Changpeng Zhao, CEO of the exchange Binance, made recommendations on crypto regulations that could be applied around the world in his statement today.

Binance CEO Requests More Regulatory Clarity for Cryptocurrencies

Zhao started his speech by saying that he liked the crypto regulation approaches shared by IMF analysts and quoted the following from the article:

“The development of stronger financial regulation, supervision and global standards can help address many of the concerns associated with cryptoassets.”

After that, Zhao said that there should be a clear regulation for the cryptocurrency market and shared his thoughts on how the regulations should be.

“I’ve said this before and I’ll say it again: the best form of user protection is globally consistent, risk-based regulation.

Outright bans will lead users to operate in the dark, at their own risk and without any safety net.”

In addition, Zhao shared some excerpts from the IMF authors’ report:

“Some key points from the article above that support this stance:

  • Our industry needs robust, comprehensive and globally consistent crypto regulation that is consistent with its international nature. For a global approach to work, it must adapt to the changing industry environment.
  • Crypto asset service providers must be licensed, registered and authorized. Licensing and authorization criteria should be well defined.
  • Organizations performing multiple functions must be subject to additional regulatory, transparency and/or disclosure requirements.
  • Stablecoins are an important tool to store value among their many uses and should be regulated to exploit their potential and ensure market integrity.

User protection and market integrity increase when legislators and regulators expand the scope of permitted activities.

We’ve seen this in many other industries: commerce, healthcare, pharmaceuticals, internet, content, etc.”

*Not investment advice.

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