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HomeMarket UpdatesCount on an extended winter after FTX meltdown, says former Binance CFO

Count on an extended winter after FTX meltdown, says former Binance CFO


  • Former Binance CFO expects the continued crypto winter to last more than anticipated.

  • Zhou mentioned China’s ban on crypto buying and selling and mining provides certainty and readability.

  • Extra restrictive regulation ought to be anticipated within the trade, Zhou added.

The crypto winter will likely be lengthy, says Zhou Wei

Zhou Wei, the previous chief monetary officer (CFO) of Binance, informed the South China Morning Submit (SCMP) in a current interview that he expects the continued crypto winter to last more following the FTX collapse.

The previous CFO predicted that the the crypto market would stay depressed for a very long time with extra restrictive laws on the way in which. He acknowledged that;

“Principally, we’ve got to all brace ourselves for a fairly lengthy winter within the crypto world. It’s going to push everybody right into a deeper bear market.”
Zhou resigned from his place as Binance CFO final 12 months and is now the CEO of Cash.ph, a fiat and crypto cell pockets within the Philippines. 

Regulators in the US are already seeking to enhance their scrutiny of cryptocurrencies. Earlier this week, SEC chairman Gary Gensler revealed that the crackdown on the cryptocurrency market is simply beginning. Zhou mentioned;

“There’s going to be extra legislative motion happening, and crypto-related insurance policies around the globe might grow to be extra restrictive.”

Nevertheless, the previous Binance CFO mentioned he hopes the US authorities will regulate the crypto trade “in a pro-growth method” because it units the path on how the remainder of the world would react. 

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China’s crypto ban is okay

Based on Zhou, China’s crypto ban on reflection makes the transfer a optimistic one by the Chinese language authorities. He argued that there’s certainty and readability in China following the federal government’s ban on cryptocurrency buying and selling and mining.

Regardless of the ban, the SCMP mentioned an underground cryptocurrency buying and selling neighborhood continues to exist in China. The publication revealed that Mainland Chinese language accounted for 8% of FTX’s buyer base, 4 occasions larger than the two% recorded in the US.

CoinsTeacher

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