Binance Chief Pushes for Global Crypto Standards Amid FTX Crisis

As the FTX crisis unraveled over the last week, the demand for regulatory clarity and proper crypto framework has soared recently. Head of crypto exchange Binance – Changpeng “CZ” Zhao – said that the firm has spearheaded efforts with other industry players in establishing a global standard for digital assets.

Zhao has recently engaged in a public feud with FTX chief Sam Bankman-Fried triggering the chain of events that led to the collapse of the crypto exchange FTX. The collapse of giants like FTX has completely shaken the crypto industry. It also eroded more than $200 billion from the crypto market in a week’s time. Speaking at a conference in Bali, Zhao said:

“As an industry we need to increase transparency. 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”.

The Binance chief also mentioned that Indonesia’s tax regime isn’t optimal and that licenses should be available more easily. He further argued that the “industry is still growing, we are still building”.

The FTX collapse has caught the attention of U.S. lawmakers. Senator Elizabeth Warren said that the FTX fall uncovers fragility in the crypto space. However, Coinbase chief Brian Armstrong slammed the SEC adding that the lack of regulatory clarity is causing more pain.

The problem of Sharing API Keys With 3Commas

Third-party attackers on platforms like 3Commas have been exploiting the API keys of users registered on FTX and Binance. After FTX’s 6 million exploit last month, crypto exchange Binance also faced a similar problem. In a message on Twitter, CZ wrote:

We seen at least 3 cases of users who shared their API key with 3rd party platforms (Skyrex and 3commas), and seen unexpected trading on their accounts. If you used such a platform before, I highly recommend you to delete your API keys just to be safe.

As exploits on these platforms continue to grow with time, it is prudent that industry players work together to weed out these issues faced by retail players.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.