Crypto’s Binance Plans Push for Global Digital-Asset Standards

Binance plans to spearhead an effort with other industry players to set global standards in the wake of the bankruptcy of rival FTX.

Changpeng “CZ” Zhao, head of crypto exchange Binance Holdings Ltd, was involved in a public feud with Sam Bankman-Fried’s FTX. (REUTERS)

Changpeng “CZ” Zhao, head of crypto exchange Binance Holdings Ltd., said the firm plans to spearhead an effort with other industry players to set global standards in the wake of the bankruptcy of rival FTX.

“As an industry we need to increase transparency,” Zhao said at a conference in Bali, Indonesia. “We need to work very closely with regulators all around the world to make this industry more robust. There is a strong role for regulators to play but we can't blame this on any single party.”

Zhao was involved in a public feud with Sam Bankman-Fried's FTX, a dispute that was part of the chain of events ahead of the latter's rapid collapse. The shakeout has left many investors questioning the future of digital assets.

Zhao argued that the “industry is still growing, we are still building.” He added that Indonesia's tax regime for crypto is “not optimal” and that licenses should be available more easily.