Binance establishes an industry recovery fund to assist projects experiencing liquidity issues.

by Nov 14, 2022CryptoNews0 comments

Binance CEO Changpeng Zhao stated that the initiative is not for FTX, but for other potentially great ideas, adding that “liars or fraud” will never qualify.

As the FTX problem continues to have a detrimental impact on the markets, crypto exchange Binance is establishing a fund to assist potentially strong projects who are experiencing liquidity challenges.

Binance CEO Changpeng Zhao stated in a tweet that the fund attempts to mitigate the cascading negative impacts of FTX’s collapse by assisting projects that he defined as “strong, but in a liquidity crisis.”

Binance establishes an industry recovery fund to assist projects experiencing liquidity issues.

Binance CEO Changpeng Zhao stated that the initiative is not for FTX, but for other potentially great ideas, adding that “liars or fraud” will never qualify.

As the FTX problem continues to have a detrimental impact on the markets, crypto exchange Binance is establishing a fund to assist potentially strong projects who are experiencing liquidity challenges.

Binance CEO Changpeng Zhao stated in a tweet that the fund attempts to mitigate the cascading negative impacts of FTX’s collapse by assisting projects that he defined as “strong, but in a liquidity crisis.”

One member of the crypto community responded to Zhao’s article, seemingly perplexed by the announcement, questioning why FTX would be eligible for the fund. To be clear, the Binance CEO stated that the fund is not for FTX, but rather for other ventures in the crypto ecosystem, and that “liars or fraud never qualify as powerful enterprises.”

As the crypto markets continue to be volatile, a well-known crypto critic began to blame crypto millionaires for dragging down regulatory progress. According to US Representative Brad Sherman, efforts by “billionaire crypto dudes” in lobbying and political contributions have been successful in discouraging substantial action.

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Meanwhile, as previously reported by Cointelegraph, FTX’s former CEO Sam Bankman-Fried, three former FTX executives, and Alameda Research CEO Caroline Ellison are attempting to flee to Dubai, United Arab Emirates. While the plan assumes that the UAE and the US do not have an extradition treaty, both countries have signed a mutual assistance treaty for dealing with criminals.

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