Binance CEO Changpeng Zhao spoke about cryptocurrency regulation following the collapse of cryptocurrency exchange FTX on Friday at a Binance event in Athens, Greece.

From what “CZ” stated the following:

I think most governments now understand that adoption will happen regardless of current circumstances.

It is better to regulate the industry than to try to fight it.

FTX, a major cryptocurrency trading platform, collapsed and filed for bankruptcy on November 11.

An estimated one million creditors face billions of dollars in losses.

CZ compared the collapse of FTX to the financial crisis of 2008.

Read:Binance stops offers of futures and derivatives contracts in the European market and sets a deadline for that!

He also warned of its cascading effects.

He added that he expects the cryptocurrency industry to recover.

He told CZ that this year was a very bad year, explaining:

The past two months a lot has happened.

I think we are now seeing a healthier industry…just because FTX has a problem, doesn’t mean all other businesses are bad.

To restore confidence in the crypto industry, Binance has committed $2 billion to the Crypto Industry Recovery Fund.

Binance provided details of the initiative this week.

Asked how he sees countries adding cryptocurrencies, such as bitcoin, to their reserves in the future, CZ said he expects countries that do not have their own currency to lead the trend.

He thought that smaller countries would go first.

In September last year, El Salvador became the first country to legally tender bitcoin alongside the US dollar.

Read:The founder of Binance reveals the first financial transaction of the Binance bank card

Since then, the country has bought thousands of bitcoins for its safekeeping.

El Salvadoran President Nayib Bukele announced last week that El Salvador is now buying one bitcoin per day.

Read also:

179,000 Bitcoins have left trading platforms in the last 30 days…is it time to buy?

FTX hacker mixes stolen cryptocurrency transactions…details here