Changpeng Zhao, Binance CEO, said Wednesday that the crypto industry recovery fund has attracted the attention of many prominent industry players. Monday’s announcement by Binance CEO Changpeng “CZ” Zhao was that he plans to create an industry recovery fund to assist projects affected in the liquidity crisis after the collapse of rival FTX. CZ stated that he did not reveal the amount.
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Changpeng Zhao, Binance CEO, said Wednesday that the crypto industry recovery fund has attracted the attention of many prominent industry players. Monday’s announcement by Binance CEO Changpeng “CZ” Zhao was that he plans to create an industry recovery fund to assist projects affected in the liquidity crisis after the collapse of rival FTX. CZ stated that details about the fund will be made available in the next two weeks, although he did not reveal the amount.
Binance’s Crypto Market Recovery Fund
Binance CEO “CZ”, who spoke at the Abu Dhabi Global Market’s Crypto Conference, November 16, stated that he does not have an exact figure on the industry recovery fund. Binance CEO “CZ” has received interest from other investors to help him recover the crypto market after the collapse of FTX.
“There are strong financial players and we should band together; there’s been significant interest so far.”
He declined to comment on the support he received from other investors and crypto exchanges. He did reveal that details about the crypto industry recovery fund would be available in the coming weeks. Justin Sun, Huobi and Simon Dixon, Tron founders, are looking to support and take part in Binance CEO’s effort to recover the market.
He believes that the crypto industry has greater potential and doesn’t require saving. “Crypto is going to be fine.” Binance has sufficient funds and healthy reserves to fund the projects and needs.
Mike Novogratz, Galaxy Digital CEO, joined Binance CEO on the stage to answer questions about the FTX crisis, Binance’s future plans, and the crypto market in Abu Dhabi.
Binance receives Crypto Custody Approval from Abu Dhabi
The Financial Services Regulatory Authority of Abu Dhabi Global Market granted the crypto exchange Financial Services Permission (FSP). Binance can now provide custody services for professional clients with the license.
Binance Abu Dhabi’s senior executive officer Dominic Longman said that the license marks a significant milestone in Binance’s history. The United Arab Emirates continues to take a progressive stance on virtual assets. Binance also holds a Dubai MVP license.
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