Chanpen Zhao called the most important requirements for crypto -rhin

The head of Binance Chanpeng Zhao called the six most important, in his opinion, requirements for centralized exchanges.

The list includes the following:

  • Do not at risk of user means;
  • never use native tokens as security;
  • disclose information about assets;
  • keep significant reserves;
  • avoid excessive leverage;
  • strengthen and apply security protocols.

According to Zhao, compliance with the above principles is necessary for each exchange to ensure confidence in it, especially against the background of FTX collapse.

“We cannot allow several bad players to tarnish the reputation of the industry when it is still at the stage of formation,” wrote the head of Binance. “Our role, first of all, consists in protecting users.”.

Earlier, Chanpeng Zhao announced plans to unite the largest crypto industry players for working together with politicians and regulators.

On November 14, Binance announced the launch of the fund in order to reduce the “cascading negative impact” of the FTX collapse on the industry.

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