Dominant cryptocurrency exchange Binance's chief executive Changpeng Zhao called for new but stable and clear regulations for the industry, in light of recent developments and participants "cutting corners".

"We're in a new industry, we've seen in the past week, things go crazy in the industry," Zhao told a gathering of G20 leaders at the summit in Bali. "We do need some regulations, we do need to do this properly, we do need to do this in a stable way."

His comments come as crypto industry peers and partners outline steps to deal with the collapse of rival exchange Sam Bankman-Fried's FTX.

FTX filed for bankruptcy on Friday after a week of seeing customers pull assets and Binance abandoned a rescue offer.

"I think the industry collectively has a role to protect consumers, to protect everybody. So it's not just regulators. Regulators have a role but it's not 100% their responsibility," Zhao said.

On the weekend, he had tweeted that Binance had stopped accepting deposits of FTX's FTT FTT=CCCL token on its platform, and urged other exchanges to do the same.

(Reporting by Fransiska Nangoy and Gayatri SuroyoWriting by Vidya Ranganathan; Editing by Jacqueline Wong)