Singapore’s approach to crypto became more conservative after the collapse of FTX, but the island remains crypto-friendly overall, said Changpeng ‘CZ’ Zhao, the chief executive officer of the Binance digital-asset exchange.

The Hong Kong crypto regime that took effect mid-year only allows a limited number of tokens for trading by retail investors, he said on Thursday via video link at a conference in Singapore.

Tighter regulations generally have prompted many traditional financial institutions to hold back on offering cash to crypto services and vice versa, he added. “But at the same, we are seeing new ones coming up,” Zhao said.

Binance, the world’s largest crypto exchange, and Zhao are the subjects of intense regulatory scrutiny, emblematic of a clampdown on the digital-asset sector, after a rout in the market last year that triggered major bankruptcies. 

The platform’s share of digital-asset trading has declined in 2023 amid the crackdown, and the loss of some banking partners.

Binance.US said earlier this week that it’s eliminating about one-third of its workforce, or more than 100 positions. That’s the second round of job cuts this year at the Miami-based firm, as the company fields mounting legal and operational challenges.

  - Bloomberg