Sign Up on MEXCBinance 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.
- Donald Trump Petitions Supreme Court To Remove Fed Governor Lisa Cook
- Pi Coin Rises As Pi Network Implements Protocol v23 on Testnet
- Tether-Backed Plasma Stablecoin Blockchain Set to Launch on September 25
- Cathie Wood’s Ark Invest Backs Nasdaq-Listed Solmate To Launch $300M Solana Treasury
- REX-Osprey Spot Dogecoin and XRP ETFs Launch With Record Trading Volume
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
