Binance CEO backs White House’s vision for regulating cryptocurrencies

Changpeng Zhao particularly appreciated the focus on consumer protection, anti-fraud and financial crime

18.09.2022 - 07:00

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What’s new? Changpeng Zhao, CEO of cryptocurrency exchange Binance, praised the digital asset regulation program released by the US President Joe Biden's administration. Zhao said the right approach will help protect consumers and markets, as well as encourage responsible attitudes toward innovation. The head of Binance is confident that the government decisions “will bring much-needed consistency and clarity vs the current patchwork of state laws and regulations that govern this space.”

The US’s whole-of-government approach to crypto regulation will bring much-needed consistency and clarity vs the current patchwork of state laws and regulations that govern this space. (3/9)— CZ 🔶 Binance (@cz_binance) September 16, 2022

What does the program say? Published federal agency reports were a crucial step for the US government in setting the policy framework for cryptocurrencies. They include calls for the Treasury Department to “redouble its efforts” on regulation, further support for central bank digital currency (CBDC) research, and action plans against the use of digital assets for unscrupulous purposes.

Zhao particularly praised the focus on consumer protection as well as anti-fraud and financial crime, saying that Binance is taking the opportunity to work with regulators.

Zhao previously said that the European Union's Markets in Crypto-Assets Act (MiCA) would become a “global regulatory standard copied around the world.”

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