There have been numerous discussions in recent months about establishing international laws for the cryptocurrency sector. However, following the bloodbath of crypto and the growing number of bankruptcy cases of crypto companies, the need for robust crypto regulations has been voiced by many — including Binance’s CEO Changpeng “CZ” Zhao.

Speaking on the recently released 5-point crypto regulation scheme by the International Monetary Fund (IMF), CZ claims them to be highly beneficial and good for crypto and its related businesses. According to CZ, the most effective method of user protection is risk-based regulation that is implemented on a worldwide scale. While talking about the potential threats of an outright ban which crypto faces in certain jurisdictions, he was quoted to say:

Outright bans will just lead to users operating in the shadows, at their own risk, and without any safety net.