Binance CEO Changpeng Zhao compares the FTX collapse to the 2008 financial crisis, warning of 'cascading effects.' crypto cryptocurrency
Binance CEO Likens FTX Fiasco to 2008 Financial Crisis — Warns of 'Cascading Effects'
Binance CEO Changpeng Zhao has compared the FTX collapse to the 2008 financial crisis. Warning of “cascading effects,” he stressed: “A lot of consumer confidence is shaken, and I think basically it sets us back a few years.”The CEO of cryptocurrency exchange Binance, Changpeng Zhao , shared his thoughts on the potential impact that the collapse of FTX has on the crypto industry Friday at a conference in Indonesia.
With this type of event happening, it’s devastating for the industry. A lot of consumer confidence is shaken, and I think basically it sets us back a few years. In addition, CZ opined: “With FTX going down, we will see cascading effects. Especially for those close to the FTX ecosystem, they will be negatively affected.”
Zhao expects the crypto industry will likely face more regulatory scrutiny focusing on capital requirements and handling of deposits. However, he noted that it is “probably a good thing, to be honest.”
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