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Binance Chief Zhao says much interest in crypto recovery fund

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Binance Holdings’s Chief Executive Officer Changpeng ‘CZ’ Zhao claimed there was a lot of investor interest in a crypto industry recovery fund he plans to set up.

He also said his digital-asset exchange had this week secured another license in Abu Dhabi. Zhao was speaking there at a conference on Wednesday alongside Mike Novogratz, the founder of Galaxy Digital Holdings Ltd.

Novogratz said the worst of the crypto crisis in the wake of the collapse of the FTX exchange may lie ahead.

Zhao said Monday that Binance — the world’s largest digital-asset exchange — is seeking to set up the recovery fund to assist otherwise strong projects that are facing a liquidity squeeze.

The goal is to “reduce further cascading negative effects” of the FTX bankruptcy, he said at the time. Binance will refrain from further sales of FTX’s native FTT token due to potential investigations, Zhao said in Abu Dhabi.

© 2022 Bloomberg

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