The CEO of Binance, Changpeng Zhao (CZ), talked about cryptocurrency regulation following the collapse of crypto exchange FTX Friday at a Binance event in Athens, Greece.

I think most governments now understand that adoption will happen regardless. It’s better to regulate the industry instead of trying to fight against it.

Responding to a question about how he sees countries adding cryptocurrencies, such as bitcoin, to their reserves in the future, Zhao said he expects countries without their own currency to lead the trend. He opined, “The smaller countries will start first, I think.”