Binance CEO denies report firm met with Abu Dhabi investors for crypto recovery fund

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Changpeng Zhao, chief government officer of crypto change Binance, has denied a report claiming he met with traders in Abu Dhabi in an effort to lift money for the corporate’s crypto restoration fund.

Based on a Nov. 22 report from Bloomberg, CZ and others affiliated with Binance discussed elevating money for its proposed fund, aimed toward serving to initiatives with potential liquidity points. Zhao and the Binance staff reportedly met with potential backers related to United Arab Emirates Nationwide Safety Adviser Sheikh Tahnoon bin Zayed, whereas a Binance spokesperson stated the conferences had been “centered on common world regulatory issues.” CZ pushed again in opposition to the report on Twitter, saying solely it was “false.”

The Binance CEO first announced the fund on Nov. 14 following FTX’s “liquidity crunch” and chapter submitting. It’s unclear how massive the crypto change meant the fund to be. FTX’s chapter filings suggested the firm owed greater than $3 billion, whereas it had barely greater than $1.2 billion in money as of Nov. 20. Nevertheless, CZ added on Twitter that the fund was by no means meant for “liars or frauds.”

Binance and CZ turned entangled within the FTX debacle after announcing the exchange planned to liquidate its provide of FTX Token (FTT) and discussing a doable bailout on the request of then CEO Sam Bankman-Fried. Binance pulled out of the potential deal lower than 48 hours later, FTX filed for chapter, and Bankman-Fried resigned.

“If we will’t assist him, there’s in all probability no person else that might,” stated CZ on Nov. 17 in reference to a call with Bankman-Fried relating to FTX. “Most likely a bunch of individuals handed on the deal earlier than us.”

Associated: CZ explains why it’s so important to be building during the bear market

Primarily based in Dubai since October 2021, CZ has been steadily pushing for adoption within the Center East. In September, Dubai’s Digital Asset Regulatory Authority gave the green light for Binance to supply digital asset providers to certified retail and institutional traders. Abu Dhabi’s World Market and Monetary Providers Regulatory Authority granted Binance similar approval to supply crypto providers in November.