The near collapse of FTX has “severely shaken” confidence in the crypto industry and will trigger tougher scrutiny by regulators, Binance chief Changpeng Zhao said a day after orchestrating a rescue of the exchange’s rival.
Zhao said in a note to employees seen by the Financial Times that the bailout, which consolidated Binance’s position as the world’s biggest crypto trading venue, was not “a win”.
“Regulators will scrutinise exchanges even more. Licenses around the globe will be harder to get,” Zhao wrote to staff early on Wednesday.
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