{"id":70100,"date":"2022-11-15T17:09:17","date_gmt":"2022-11-15T15:09:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70100"},"modified":"2025-09-08T00:09:11","modified_gmt":"2025-09-07T21:09:11","slug":"binance-chief-zhao-signals-joint-push-by-crypto-giants-with-regulators","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/binance-chief-zhao-signals-joint-push-by-crypto-giants-with-regulators\/","title":{"rendered":"Binance chief Zhao signals joint push by crypto giants with regulators"},"content":{"rendered":"<p>Binance chief Changpeng Zhao plans to unite the industry\u00027s biggest players to work with policymakers and regulators. He announced this during an <span data-descr=\"AMA \u2014 ask me anything\" class=\"old_tooltip\">AMA<\/span> session on Twitter Spaces.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Thanks to the 40,000+ people for listening in. Will try to do this a bit more often given the demand. <a href=\"https:\/\/t.co\/OkCFNhLv4Y\">https:\/\/t.co\/OkCFNhLv4Y<\/a><\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1592173544888324098?ref_src=twsrc%5Etfw\">November 14, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe association will provide liaison with regulatory authorities, and support leading industry practices, including ensuring transparency and reserves verification,\u201d he said.<\/p>\n<\/blockquote>\n<p>Zhao noted that Binance would not run the organisation. It will be run by a \u201cthird party that has previously carried out such work in different spheres.\u201d<\/p>\n<p>He said that several regulators had urged the creation of such an association.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe will strive to serve as a communications hub for policy discussion, the ideational space, commenting on the pros and cons of certain practices,\u201d Zhao said.<\/p>\n<\/blockquote>\n<p>Earlier, Binance announced <a href=\"https:\/\/u1f987.com\/en\/news\/binance-to-launch-fund-to-aid-industry-recovery\">the launch of a \u201crecovery fund\u201d<\/a>, intended to support the company affected by <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">FTX&#8217;s collapse<\/a> to avert a cascading effect. Zhao said the entity already has 4-5 potential sponsors.<\/p>\n<p>He acknowledged the role he has played in the current crisis facing the industry, but stressed that he is optimistic about the outlook.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cNo matter how much I am accused of exposing, puncturing a bubble, or something of that sort [\u2026], I apologise for any panic I caused. But if a problem exists, the sooner we identify it, the better,\u201d Zhao said with confidence.<\/p>\n<\/blockquote>\n<p>FTX&#8217;s FTT token crash, which exposed the platform&#8217;s liquidity crisis, occurred after the Binance chief\u2019s statement about exiting positions in the asset.<\/p>\n<p>Zhao&#8217;s company ignored <a href=\"https:\/\/u1f987.com\/en\/news\/alameda-research-says-it-would-buy-ftt-from-binance-at-22-per-token\">Alameda Research&#8217;s offer to buy the FTT<\/a>. Binance also declined a proposed takeover of the beleaguered platform.\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe will endeavour to strike a balance between exposing illegal practices that spark panic and price falls, and building a healthy industry by removing unscrupulous players,\u201d Zhao promised.<\/p>\n<\/blockquote>\n<p>In November, the parent company of FTX, Alameda Research, and about 130 affiliated firms <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">filed for bankruptcy<\/a>.<\/p>\n<p>U.S. Treasury Secretary Janet Yellen said the incident underscored the need for thorough regulation of the industry.<\/p>\n<p>Representative Brad Sherman accused cryptocurrency billionaires of hampering the adoption of rules for the industry through lobbying.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance chief Changpeng Zhao plans to unite the industry&#8217;s biggest players to work with policymakers and regulators. He announced this during an AMA session.<\/p>\n","protected":false},"author":1,"featured_media":70101,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,935],"class_list":["post-70100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-changpeng-zhao"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70100","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=70100"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70100\/revisions"}],"predecessor-version":[{"id":70102,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70100\/revisions\/70102"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/70101"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=70100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=70100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=70100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}