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Binance CEO Changpeng ‘CZ’ Zhao said Singapore turned conservative in its approach to cryptocurrencies after the collapse of the demise of FTX but remains crypto-friendly. 

Binance founder and CEO Changpeng Zhao came out to say Singapore’s approach to cryptocurrencies has become more conservative following the collapse of FTX. He commented the island, however, remains crypto-friendly overall. 

FTX and Its Implications

The exchange filed for Chapter 11 bankruptcy, and its founder and CEO, Sam Bankman-Fried, stepped down as CEO and appointed Johan J Ray III as its new chief executive. FTX collapsed into bankruptcy after liquidity dried up and customers demanded withdrawals, which the exchange, once valued at $32 billion, could not fulfil. 

Conservative Yet Crypto-Friendly

Bloomberg reports CZ said via a video link at a conference in Singapore that the Hong Kong crypto regime, which recently took effect, only allows for a limited number of tokens for trading by retail investors. 

According to Bloomberg, Zhao said stricter regulations “prompted many traditional financial institutions to hold back on offering cash to crypto services and vice versa.”

Zhao said:

“But at the same, we are seeing new ones coming up.”

Singapore’s Cautious Approach to Crypto Regulation

Earlier in the year, the country announced it would issue new

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Author: Jana Serfontein

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