Former Binance CFO Warns Of  Tough Times For Crypto

Story: Jai Pratap

In an interview with South China Morning Post, Zhou Wei, said the crypto market will remain depressed for a long time to come.

The former executive also warned of upcoming tough regulations for the entire industry given what happened with FTX.

“We have to all brace ourselves for a pretty long winter in the crypto world,” Wei said.

Zhou did not comment on the financial health of Binance.

Binance has been under immense pressure lately as it witnessed heavy withdrawals this month amid growing uncertainty.

Binance is trying to reassure customers over its financial health but FUD against the largest crypto exchange did not fade.

Zhou said that in the wake of FTX collapse, crypto regulations may become more restrictive around the world.