Crypto Opinions & News Biggest Crypto exchange Binance Urges New Industry Rules

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https://www.bbc.com/news/technology-63624890

The head of the world's biggest cryptocurrency exchange has told global leaders new regulations are needed.

Binance chief Changpeng Zhao was speaking at a conference in Bali, Indonesia, attended by heads of the G20 group of nations. The company has also announced plans for a recovery fund to help struggling crypto businesses. It follows the bankruptcy of the FTX exchange, which shook the industry and wiped billions off the crypto market. The failure of the rival exchange, founded by Sam Bankman-Fried, has left many small investors with big losses.

Biggest crypto exchange Binance urges new industry rules

The boss of Binance tells the G20 the collapse of a rival exchange shows crypto needs regulations.

www.bbc.com

 

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A post from Bittrex co-founder and CEO Richie Lai assured customers that their money was OK. “Don’t worry — all customer funds are safe and available to withdraw; however, it’s just not economically viable for us to continue to operate in the current U.S. regulatory and economic environment,” Lai said. The company was hit with about $29 million in fines by the U.S. Treasury Department in October. It allegedly allowed people from sanctioned jurisdictions to use its platform and did not meet anti-money laundering requirements.

Crypto exchange Bittrex shutters U.S. operations, blames regulatory environment

Bellevue, Wash.-based crypto exchange Bittrex announced Friday it was “winding down” its U.S. operations. A post from Bittrex co-founder and CEO Richie Lai assured customers that their money was safe.… Read More

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