Expect a long winter after FTX meltdown, says former Binance CFO

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<ul> <li dir="ltr"> <p dir="ltr">Former Binance CFO expects the continuing crypto winter to last more than anticipated.</p> </li> <li dir="ltr"> <p dir="ltr">Zhou mentioned China’s ban on crypto buying and selling and mining presents certainty and readability.</p> </li> <li dir="ltr"> <p dir="ltr">Extra restrictive regulation ought to be anticipated within the trade, Zhou added.</p> </li> </ul> <h2 dir="ltr"><strong>The crypto winter will likely be lengthy, says Zhou Wei</strong></h2> <p dir="ltr">Zhou Wei, the previous chief monetary officer (CFO) of Binance, instructed the South China Morning Submit (SCMP) in a <a target="_blank" href="https://www.scmp.com/tech/policy/article/3204253/binances-former-cfo-warns-about-long-winter-cryptocurrency-market-after-ftx-collapse" rel="noopener noreferrer"><u>recent interview</u></a> that he expects the continuing crypto winter to last more following the <a target="_blank" href="https://coinjournal.net/news/this-week-in-crypto-ftx-files-for-chapter-11-bankruptcy/" rel="noopener noreferrer"><u>FTX collapse</u></a>.</p> <p dir="ltr">The previous CFO predicted that the the crypto market would stay depressed for a very long time with extra restrictive laws on the best way. He said that;</p> <p dir="ltr"><em>“Principally, we now have to all brace ourselves for a reasonably lengthy winter within the crypto world. It’s going to push everybody right into a deeper bear market.”</em><br/>Zhou resigned from his place as Binance CFO final yr and is now the CEO of Cash.ph, a fiat and crypto cell pockets within the Philippines. </p> <p dir="ltr">Regulators in the USA are already trying to enhance their scrutiny of cryptocurrencies. Earlier this week, SEC chairman Gary Gensler revealed that the <a target="_blank" href="https://coinjournal.net/news/the-secs-crypto-crackdown-is-just-getting-started-says-gary-gensler/" rel="noopener noreferrer"><u>crackdown on the cryptocurrency market is just starting</u></a>. Zhou mentioned;</p> <p dir="ltr"><em>“There’s going to be extra legislative motion happening, and crypto-related insurance policies around the globe might change into extra restrictive.”</em></p> <p dir="ltr">Nonetheless, the previous Binance CFO mentioned he hopes the USA authorities will regulate the crypto trade “in a pro-growth manner” because it units the route on how the remainder of the world would react. </p> <h2 dir="ltr"><strong>China’s crypto ban is okay</strong></h2> <p dir="ltr">In keeping with 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.</p> <p dir="ltr">Regardless of the ban, the SCMP mentioned an underground cryptocurrency buying and selling group continues to exist in China. The publication revealed that Mainland Chinese language accounted for 8% of FTX’s buyer base, 4 instances larger than the two% recorded in the USA.</p>

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