<![CDATA[<figure class="image"><img src="https://cimg.co/news/124864/329824/zhao.jpg" alt="" srcset="https://cimg.co/news/124864/329824/responsive-images/zhao___media_library_original_612_408.jpg 612w, https://cimg.co/news/124864/329824/responsive-images/zhao___media_library_original_600_400.jpg 600w, https://cimg.co/news/124864/329824/responsive-images/zhao___media_library_original_300_200.jpg 300w" sizes="100vw" width="612" class="content-img"><figcaption>Source: Getty Images</figcaption></figure><a href="https://cryptonews.com/tags/changpeng-zhao/">Changpeng Zhao</a>, CEO of the world&rsquo;s largest cryptocurrency exchange by trading volume <a href="https://cryptonews.com/reviews/binance/">Binance</a>, said that Singapore&rsquo;s approach to digital assets has become more &ldquo;conservative,&rdquo; particularly after the spectacular collapse of the now-defunct FTX exchange.The top crypto influencer spoke virtually at a conference in Singapore on Thursday, commenting on the city-state&rsquo;s crypto-friendly yet cautious move toward the asset class.CZ, as he is widely known in the crypto space, pointed out that Hong Kong&rsquo;s crypto regulations, which were implemented mid-year, only permit a limited number of tokens for retail investors to trade.Hong Kong&rsquo;s first <a href="https://cryptonews.com/news/bloomberg-hong-kongs-new-crypto-rules-pave-uncertain-path-digital-asset-hub.htm">crypto rules</a> came into effect in June, noting that retail traders are limited to buying tokens with large market capitalizations, such as <a href="https://cryptonews.com/guides/bitcoin/">Bitcoin</a> (BTC) and <a href="https://cryptonews.com/guides/ethereum/">Ether</a> (ETH).Per a Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-09-14/singapore-crypto-policy-turned-conservative-after-ftx-zhao-says-lmirfpp7#xj4y7vzkg">report</a>, CZ highlighted how several traditional financial institutions have refrained from offering cash to crypto services due to a shift towards tighter crypto regulations.<blockquote>&ldquo;But at the same we are seeing new ones coming up.&rdquo;</blockquote>In 2021, Binance announced that it had <a href="https://www.reuters.com/business/finance/binance-stop-singapore-users-buying-or-trading-crypto-main-platform-2021-09-27/">shut down its trading platform</a> for Singaporeans after Singapore&rsquo;s central bank &ndash; the Monetary Authority of Singapore (MAS) &ndash; said it should stop offering payment services.The embattled exchange later announced in March this year that it is seeking to <a href="https://asia.nikkei.com/Spotlight/Cryptocurrencies/Binance-revives-Singapore-crypto-permit-bid-despite-U.S.-pressure">secure a license</a> to offer cryptocurrency services in Singapore once more, but this time, focusing on institutional clients rather than retail investors.<h2 style="text-align:justify;" id="binance-in-the-battleground">Binance in the Battleground</h2>The beleaguered crypto exchange has been facing increased pressure from the United States Securities and Exchange Commission(SEC) after the authority filed a lawsuit <a href="https://cryptonews.com/news/sec-sues-binance-cz-over-blantant-disregard-of-its-rules.htm">against Binance and CZ</a>, alleging multiple securities violations related to its native BNB token and the BUSD stablecoin. The exchange and CZ are facing a total of 13 charges.Binance.US, the exchange&rsquo;s US arm, challenged the SEC&rsquo;s motions or further probe. The subsidiary announced this week that it is <a href="https://cryptonews.com/news/binanceus-ceo-brian-shroder-departs-exchange-to-cut-one-third-of-workforce.htm">cutting one-third of its workforce</a>, or 100 staff, citing the exchange&rsquo;s challenges with the SEC.Binance and its US arm is also witnessing a mass exodus of top executives in the recent times, including Binance.US CEO Brian Shroder.
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Binance CEO: Singapore’s Approach to Crypto Became More ‘Conservative’ Post FTX Collapse

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