[ABU DHABI] Cryptocurrency exchange Binance expects it will benefit from growth in the industry as a whole, given its size and market share, its founder and chief executive Zhao Changpeng has said.

Amid the turbulence in the industry, however, the crypto space should adopt the practices of the traditional financial world to build trust and ensure transparency, he said on Wednesday (Nov 16), in a fireside chat with Mike Novogratz, founder of investment firm Galaxy Digital. Their chat was on the programme of the ongoing Abu Dhabi Finance Week.

Zhao said that last week’s move to file for bankruptcy by FTX, Binance’s rival crypto exchange based in the Bahamas, has shaken confidence in the industry, and that industry players would need to be more transparent to rebuild confidence among investors.