{"id":40931,"date":"2021-04-17T20:41:25","date_gmt":"2021-04-17T17:41:25","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=40931"},"modified":"2025-08-30T16:25:43","modified_gmt":"2025-08-30T13:25:43","slug":"changpeng-zhao-the-crypto-industry-is-not-ready-to-function-without-government-intervention","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/changpeng-zhao-the-crypto-industry-is-not-ready-to-function-without-government-intervention\/","title":{"rendered":"Changpeng Zhao: the crypto industry is not ready to function without government intervention"},"content":{"rendered":"

Changpeng Zhao, Binance’s chief executive, said at a Clubhouse conference that the crypto industry cannot defend itself without government intervention. The report comes from Decrypt<\/a>.<\/p>\n

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\\”If I were a regulator, the most logical course of action would be to transfer the existing rules from traditional finance into the crypto industry,\\” Zhao said.<\/p>\n<\/blockquote>\n

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He added that the crypto industry differs markedly from traditional finance. According to the Binance founder, he does not consider himself a libertarian or an anarchist, unlike many members of the crypto community.<\/p>\n

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\\”There are many extreme libertarians who believe we function well without any rules and government intervention. I don’t think our community is ready for that. I don’t know how we will defend ourselves,\\” Zhao explained.<\/p>\n<\/blockquote>\n

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Earlier, Bloomberg reported that the Commodity Futures Trading Commission (CFTC) began an investigation into Binance<\/a> over possible access for U.S. residents to trade crypto derivatives without a license. The agency itself did not comment.<\/p>\n

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The exchange also hired a former U.S. senator<\/a> Max Bokusa as an advisor on regulatory and legal matters. He was tasked with maintaining liaison between the company, U.S. regulators and authorities.<\/p>\n

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On March 14 Bokusa said that the CFTC does not accuse Binance<\/a> of any violations, but is trying to understand the rapidly growing crypto industry and \\”is simply doing its job.\\”<\/p>\n

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Earlier, Forbes published a piece about Binance developing a strategy to deliberately deceive regulators<\/a> and extract hidden profits from U.S. customers.<\/p>\n

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In November the exchange filed a defamation lawsuit<\/a> against the publication, but in February 2021 withdrew it<\/a>.<\/p>\n

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Also in November Binance demanded that US customers leave the platform within 14 days<\/a>. Previously, for trading on the platform, American clients could indicate at registration that they were not residents of the country. Binance.US launched in September 2019.<\/p>\n

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Earlier, ForkLog reported that Binance-linked companies are registered in both the Cayman Islands and the Seychelles.<\/p>\n

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Follow ForkLog’s bitcoin news on our Telegram<\/a> \u2014 cryptocurrency news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

Changpeng Zhao, Binance’s chief executive, said at a Clubhouse conference that the crypto industry cannot defend itself without government intervention.<\/p>\n","protected":false},"author":1,"featured_media":40932,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Zhao says the crypto sector needs government intervention.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,935,1138,36],"class_list":["post-40931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-changpeng-zhao","tag-opinions","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"1","layout_type":"1","short_excerpt":"Zhao says the crypto sector needs government intervention.","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/40931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=40931"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/40931\/revisions"}],"predecessor-version":[{"id":40933,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/40931\/revisions\/40933"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/40932"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=40931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=40931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=40931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}