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Binance CEO Seeking Funds From Middle East Investors for Crypto Recovery Fund: Bloomberg
Binance plans to start a recovery fund to help projects with strong fundamentals, but suffering from a liquidity crisis.
Updated May 9, 2023, 4:03 a.m. Published Nov 22, 2022, 2:44 p.m.
Binance CEO Changpeng "CZ" Zhao has been meeting with investors in Abu Dhabi, seeking cash for the exchange's crypto recovery fund, Bloomberg reported Tuesday.
Zhao held several meetings with potential backers of the fund last week, including entities affiliated with the United Arab Emirates' national security adviser Sheikh Tahnoon Bin Zayed, according to the report, which cited people familiar with the matter.
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After the article came out, however, Zhao tweeted that the report was false.
Binance announced its plans to start a recovery fund earlier this month, to help projects with strong fundamentals but suffering a liquidity crisis, owing to the fallout from FTX's collapse.
Details of the fund – its size, the projects it will support etc – are yet to be disclosed.
“CZ’s meetings in Abu Dhabi were all focused on general global regulatory matters – specifically how Middle Eastern regulators could lead the globe by exploring more aggressive proof of custody requirements for crypto exchanges,” a Binance spokesperson told CoinDesk.
Prior to its collapse, FTX had been making moves to be the savior of crypto firms in strife following the market crash in June. Now this is a void Binance appears keen to fill.
Read more: Binance Denies Accusation From UK Lawmaker That It Deliberately Sank FTX
UPDATE (Nov. 22, 16:59 UTC): Added Zhao's disavowal of the report.
UPDATE (Nov. 22, 18:45 UTC): Added quote from Binance spokesperson.
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