Binance CEO Chanpeng Zhao noted that the regulatory atmosphere in Singapore around cryptocurrencies has become more conservative since the FTX crash. He believes similar measures are in place in the neighboring region of Hong Kong.
After a wave of cryptocurrency company bankruptcies, cryptocurrency regulation around the world has tightened and several countries have imposed restrictions on cryptocurrency transactions.
In this regard, Zhao mentioned that in Hong Kong, retail investors are allowed to trade a limited list of tokens. The relationship between crypto firms and traditional financial institutions has also become more complicated.
However, despite these problems, according to Zhao, these organizations still continue to take a keen interest in the cryptocurrency.
Note that Binance’s problems with regulators have worsened around the world, in addition, the trading platform has been the subject of unfounded rumors about its plight. Indeed, the crypto exchange has lost several partners from the banking sector, which, however, cannot be called a unique phenomenon in the crypto space.
In most countries, the company’s operations continue unhindered, but its US division, Binance US, seems unlikely to regain its previous performance. The company’s CEO Brian Schroeder resigned the other day, and more than 100 employees (almost a third of the staff) will also be laid off.