Bybit CEO Ben Zhou has joined the regulations talk, telling crypto. news that harsh crackdowns on crypto exchanges won’t benefit anyone. During the Blockchain Life summit in Dubai earlier today, he added that he expects bitcoin (BTC) to hit $50,000.
At the Blockchain Life summit Dubai, Bybit CEO Ben Zhou told crypto. news that crypto crackdowns may be going too far lately, commenting that it’s not beneficial for anyone.
He doubled down on the regulated spaces having more scams than the crypto space.
Zhou added that if you could ask the large non-crypto companies about their reserves, they probably wouldn’t answer. He also asserted that not even the banks guarantee a hundred percent, maybe not even more than 5% clarity on their safety of reserves.
In related comments, Zhou said that he expects bitcoin to hit $50,000 this year and people should be considering buying.
Ben Zhou is one of the many people who have reacted to the continued and harsh crypto regulation. His stance is that the crypto industry won’t move forward due to harsh regulation, a sentiment shared by his Coinbase counterpart, Brian Armstrong.
Armstrong has been calling out the SEC for too harsh crackdowns on crypto, citing poor usage of power where the regulator is using enforcement methods. Earlier this month, the SEC charged Kraken $30 million plus a ban from offering crypto staking in the U.S.
Other news also surfaced claiming that Binance would follow suit and settle charges by taking a fine from the regulator.