Binance CEO Changpeng Zhao seeks cash in Middle East for crypto recovery fund
Binance CEO Changpeng Zhao met with investors in Abu Dhabi to seek cash for his crypto recovery fund. According to the reports, Zhao held talks with potential backers of the fund, including affiliates of the UAE’s national security adviser, Sheikh Tahnoon Bin Zayed, last week, but Zhao said in a message he shared on Twitter that this information was false.
Binance had announced plans to launch a recovery fund in early November to help projects struggling with liquidity due to the collapse of FTX. Details of the fund, its size and which projects it will support have not yet been disclosed.
A Binance spokesperson told CoinDesk, “All of CZ’s meetings in Abu Dhabi were focused on global regulatory issues and specifically focused on how Middle Eastern regulators can lead the world.” Before FTX went bankrupt, it was attempting to be the savior of crypto firms after the market crash in June, but now that space is up to Binance alone.