Amid crypto’s Wild West, Binance says a sheriff is needed

By STAN CHOE
AP Business Writer

NEW YORK (AP) — In the cryptocurrency world, which gets likened to the Wild West of financial markets, one of the industry’s major players is asking for a sheriff. Binance, the world’s largest exchange for trading Bitcoin and other cryptocurrencies, says it’s time for global regulators to establish rules for crypto markets. The company acknowledges that crypto platforms have an obligation to protect users and to implement processes to prevent financial crimes, along with the responsibility to work with regulators and policymakers to set standards to keep users safe. It also says more regulation may help draw in people who are still hesitant to get into crypto.