Binance boss says no one can be protected from a ‘bad player’

Changpeng Zhao announces plans for an industry recovery fund' for struggling crypto firms

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.