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NUSA DUA, INDONESIA: Dominant crypto currency exchange Binance's chief executive Changpeng Zhao called for new but stable and clear regulations for the industry , in light of recent developments and participants "cutting corners". "We're in a new industry , we've seen in the past week, things go crazy in the industry ," Zhao told a gathering of G20 leaders at the summit in Bali. "We do need some regulations , we do need to do this properly, we do need to do this in a stable way." His comments come as crypto industry peers and partners outline steps to deal with the collapse of rival exchange Sam Bankman-Fried's FTX. FTX filed for bankruptcy on Friday after a week of seeing customers pull assets and Binance abandoned a rescue offer. "I think the industry collectively has a role to protect consumers, to protect everybody. So it's not just regulators. Regulators have a role but it's not 100% their responsibility,...

Cryptocurrency exchange FTX secretly funded media company the Block for over a year with money sent to the Block's chief executive, Axios reported on Friday, citing sources. The Block's employees were previously unaware of the payments, according to the report. FTX did not immediately respond to a Reuters request for comment, while FTX's former Chief Executive Sam Bankman-Fried did not respond to a phone call and text message seeking comment. Regulators around the globe, including in the Bahamas where FTX is based and in the United States, are investigating the role of FTX's top executives in the firm's stunning collapse, Reuters previously reported. The crypto exchange filed for bankruptcy last month after a liquidity crisis that saw at least $1 billion of customer funds vanish. Source: https://thefoxposts.com/ftx-secretly-funded-crypto-news-site-TheFOXposts-3868.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogg...

Ferrari has started to accept payment in cryptocurrency for its luxury sports cars in the US and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters. The vast majority of blue-chip companies have steered clear of crypto as the volatility of bitcoin and other tokens renders them impractical for commerce. Patchy regulation and high energy usage have also prevented the spread of crypto as a means of payment. These include electric carmaker Tesla, which in 2021 began to accept payment in bitcoin, the biggest crypto coin, before CEO Elon Musk halted it because of environmental concerns. Ferrari's Chief Marketing and Commercial Officer Enrico Galliera told that Reuters cryptocurrencies had made efforts to reduce their carbon footprint through the introduction of new software and a larger use of renewable sources. "Our target to reach for carbon neutrality by 2030 along our whole value...