Binance CEO Changpeng “CZ” Zhao on Wednesday announced that the crypto industry recovery fund has attracted the attention of many influential industry players. The statement follows CZ's statement on Monday announcing plans to launch an industry recovery fund to help projects affected by the liquidity crisis following the collapse of rival FTX. While he did not disclose the amount, CZ said details would be available in the next two weeks.
In the Abu Dhabi global market crypto conference on November 16, Binance CEO “CZ” said he did not have exact figures on the industry's recovery funds. Other investors have also shown interest in supporting the Binance CEO in his efforts to revive the crypto market that was hit by the collapse of the FTX crypto exchange.
CZ is also not interested in commenting on other crypto exchanges. However, he revealed that details on the crypto industry recovery fund will be available in the next two weeks. Meanwhile, Tron founder Justin Sun, Huobi, and investor Simon Dixon will participate in the Binance CEO's initiative to revive the market.
“Crypto markets will be fine.” Binance has healthy reserves and will provide sufficient funds according to projects and needs.
The Binance CEO shared the stage with Galaxy Digital CEO Mike Novogratz answering questions such as the FTX crisis, Binance's future plans and the crypto industry in Abu Dhabi. Binance announced that they have received a Financial Services Permit (FSP) license from the Abu Dhabi Global Market Financial Services Regulatory Authority. The license allows Binance to provide services to professional clients.
Dominic Longman, senior executive officer at Binance Abu Dhabi, said the license was an important step for Binance in Abu Dhabi. The United Arab Emirates continues its progressive stance towards digital assets.
