Binance boss says nobody can be protected from evil players

The boss of the world's largest crypto exchange Binance said that nobody could be protected from an “evil player” and demanded more regulation of the sector.

At a meeting of business leaders in Bali on Monday after the collapse of Sam Bankman-Frieds FTX last week, Changpeng Zhao did not call his former arch-rival, but said that the crypto industry "had a role in the protection of consumers".

"to be honest if a guy can lie very well and is very good at it.

ftx suffered a liquidity crisis of $ 8 billion after it was flooded by customers with withdrawal inquiries. The private assets of $ 24 billion by Banksman-Fried, the 30-year-old head of the stock exchange, was wiped out and the stock exchange filed for bankruptcy on Friday, which led to an infection in the crypto sector.

"We have to improve the clarity of the regulations and the sophistication of the regulations in the crypto room," said Zhao, who was wearing a shirt with zebra patterns and neon yellow sneakers.

He asked the industry to improve transparency and said that Binance would "go" to provide evidence of reserves. Other smaller competitors, including Crypto.com, OKX and Deribit, have also promised to publish the proof that they have sufficient reserves to meet their liabilities.

On Sunday Zhao tweeted that people who own crypto-assets should use trustwallet, the official crypto wallet from Binance in which people can send, receive and save cryptocurrencies.

"Self -custody [Keeping Crypto in Your Personal Digital Wallet] is a basic human right. It is always free to do this. Just make sure that you do it right," he tweeted.

investors have withdrawn from crypto since the collapse of FTX. Bitcoin, the most popular cryptocurrency, fell by 22.8 percent to around $ 16,000 in the past week.

Bankman-Fried Twittered on Friday that he had filed for bankruptcy at FTX.

"I am really sorry again that we have ended up here. Hopefully things will find a way to recover," he said.