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STORY: "The regulators do have a role. We do need slightly more, we do need to increase the clarity of regulations, and the sophistication of regulations in the crypto space," Zhao told a gathering of G20 leaders at the summit in Bali.

His comments come as crypto industry peers and partners outline steps to deal with the collapse of rival exchange Sam Bankman-Fried's FTX, which filed for bankruptcy on Friday (November 11) after a week of seeing customers pull assets and Binance abandoned a rescue offer.

Over the weekend, Zhao had tweeted that Binance had stopped accepting deposits of FTX's FTT token on its platform, and urged other exchanges to do the same.