Binance CEO calls for clearer regulations in crypto in wake of FTX collapse

Binance CEO Changpeng Zhao has called for more regulation in the cryptocurrency market after the collapse of FTX.

The embattled crypto exchange has filed for bankruptcy in the US and its CEO Sam Bankman-Fried has resigned in the wake of the company's troubles.

Zhao told the B20 summit that the cryptocurrency industry has a collective role in protecting consumers from such collapses.

"Regulators absolutely have a role, but it's not 100 per cent their responsibility.

Binance are forming an industry recovery fund to "reduce further cascading negative effects of FTX," Zhao wrote on Twitter.

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