{"id":509250,"date":"2022-11-12T14:18:20","date_gmt":"2022-11-12T11:18:20","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-ceo-cz-on-ftx-crash-weve-been-set-back-a-few-years\/"},"modified":"2022-11-12T14:18:20","modified_gmt":"2022-11-12T11:18:20","slug":"binance-ceo-cz-on-ftx-crash-weve-been-set-back-a-few-years","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-ceo-cz-on-ftx-crash-weve-been-set-back-a-few-years\/","title":{"rendered":"# Binance CEO CZ on FTX crash: \u201cWe\u2019ve been set back a few years\u201d"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dfe01417cb\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dfe01417cb\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/binance-ceo-cz-on-ftx-crash-weve-been-set-back-a-few-years\/#%E2%80%9D_Binance_CEO_CZ_on_FTX_crash_%E2%80%9CWeve_been_set_back_a_few_years%E2%80%9D_%E2%80%9C\" >&#8221; Binance CEO CZ on FTX crash: \u201cWe\u2019ve been set back a few years\u201d &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Binance_CEO_CZ_on_FTX_crash_%E2%80%9CWeve_been_set_back_a_few_years%E2%80%9D_%E2%80%9C\"><\/span>&#8221; Binance CEO CZ on FTX crash: \u201cWe\u2019ve been set back a few years\u201d &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-e13e51fa>Crypto exchange FTX joined many other fallen projects \u2014 including Terra (LUNA), 3AC, Celsius and Voyager \u2014 in filing for bankruptcy in 2022. Owing to the devastation caused by multi-billion dollar losses suffered by businesses and investors, the man running the biggest crypto exchange, Binance CEO Changpeng \u201cCZ\u201d Zhao, envisions an era of greater regulatory scrutiny in the near future.<\/p>\n<p>With one of the biggest crypto businesses falling overnight, CZ believed the episode was devastating for the industry, which took away a lot of consumer confidence. Speaking at Indonesia Fintech Summit 2022, he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=xKRvgj0G7Nk\">said<\/a>:<\/p>\n<blockquote><p>\u201cI think basically we&#8217;ve been set back a few years now. Regulators rightfully will scrutinize this industry much, much harder, which is probably a good thing, to be honest.\u201d<\/p><\/blockquote>\n<p>Regulations in crypto historically circled around Know Your Customer (KYC) and Anti-Money Laundering (AML). However, CZ reiterated his long-standing belief that regulations must focus on exchange operations, such as business models and proof of reserves. As a result, he believed that tighter regulatory scrutiny around crypto business operations is around the corner.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/857dd060-9be5-4fd1-b26e-cc87e588838c.png\"><figcaption style=\"text-align: center;\"><em>CZ sharing his thoughts on FTX and the future of crypto during Indonesia Fintech Summit 2022. Source: <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">YouTube<\/a><\/em><\/figcaption><\/figure>\n<p>While FTX\u2019s collapse is bound to have a short-term impact on retail investors, in the longer term, this is a wake-up call for discussions about how to handle risks across crypto ecosystems. Speaking specifically about FTX, he said:<\/p>\n<blockquote><p>\u201cThe last three days is just a revelation of problems. The problems were there way longer. This problem wasn&#8217;t created in the last three days.\u201d<\/p><\/blockquote>\n<p>CZ pointed out that the biggest red flag about FTX was Alameda Research\u2019s financials, which were full of FTX Tokens (FTT) that made him finalize the decision to sell off Binance\u2019s FTT holdings worth over $2 billion at the time. <\/p>\n<p>The following day, FTX CEO Sam Bankman-Fried reached out to CZ with a deal that \u201cdid not make sense from a number of fronts\u201d. At the same time, CZ hoped to get an over-the-counter (OTC) deal for protecting users:<\/p>\n<blockquote><p>\u201cOriginal intention was let&#8217;s save the users, but then the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> of mis<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ropriating user funds, especially U.S Regulatory Agencies investigations (made us realize) we can&#8217;t touch that anymore.\u201d<\/p><\/blockquote>\n<p>CZ believes that increasing transparency and educating regulatory agencies about crypto audits and cold wallet information will make the industry much healthier. Finding the right balance of rules is not ask, he said.<\/p>\n<p>The entrepreneur highlighted the need for easy tools for saving private keys and other security functionalities but argued that the crypto ecosystem will grow in incremental steps and not giant leaps.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Binance Proof-of-Reserve pledge gains support following FTX crisis<\/em><\/strong><\/p>\n<p>Taking a proactive approach in regaining investor confidence, Binance published a new page titled \u201cProof of Assets,\u201d which displays details about the exchange\u2019s on-chain activity for its hot and cold wallet addresses.<\/p>\n<p>\u201cOur objective is to allow users of our platform to be aware and make informed decisions that are aligned with their financial goals,&#8221; said Binance in an official statement.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/binance-ceo-cz-on-ftx-crash-we-ve-been-set-back-a-few-years\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Binance CEO CZ on FTX crash: \u201cWe\u2019ve been set back a few years\u201d &#8220; Crypto exchange FTX joined many other fallen projects \u2014 including Terra (LUNA), 3AC, Celsius and Voyager \u2014 in filing for bankruptcy in 2022. Owing to the devastation caused by multi-billion dollar losses suffered by businesses and investors, the man running&#8230;<\/p>\n","protected":false},"author":1,"featured_media":509251,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvN2M2N2U2NGYtMGUyYy00MWM1LTg1MzAtZDM2MjMyMjg3YjY4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,77672,135234,75719,89897,117,73157,73711,70934],"class_list":["post-509250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-changpeng-zhao","tag-ftx","tag-funding","tag-sam-bankman-fried","tag-business","tag-investigation","tag-investments","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509250","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=509250"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509250\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/509251"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=509250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=509250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=509250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}