The head of the world’s largest cryptocurrency exchange has said after the collapse of rival FTX that no one can be protected from a “bad player” and announced plans for an industry ‘‘recovery fund” for struggling crypto firms.
Changpeng Zhao, the founder and chief executive of Binance, said it was not “100%” the responsibility of watchdogs to protect consumers and the crypto sector had to play its own part. However, he said preventing a rogue figure from evading regulators was difficult.
