Claim BonusBinance CEO “CZ”: Details On Industry Recovery Fund Coming This Month
Binance CEO Changpeng “CZ” Zhao on Wednesday said the crypto industry recovery fund grabbing the attention of many influential industry players. Binance CEO on Monday announced plans to launch an industry recovery fund to help projects affected by the liquidity crisis following the collapse of rival FTX. While he didn’t reveal the amount, CZ said the details will be available over the next two weeks.
Binance’s Crypto Market Recovery Fund
During the Abu Dhabi Global Market’s Crypto Conference on November 16, Binance CEO “CZ” said he doesn’t have an exact figure about the industry recovery fund. Other investors have also shown interest to support Binance CEO in his effort to recover the crypto market from the downturn amid the collapse of FTX.
“There are players that have strong financials and we should band together; we’ve got significant interest so far.”
Moreover, he declined to comment on other crypto exchanges and investors that reached out to support him. However, he revealed that details on the crypto industry recovery fund will be available over the next two weeks. Meanwhile, Tron founder Justin Sun, Huobi, and investor Simon Dixon look to support and participate in Binance CEO’s initiative to recover the market.
He believes the crypto industry holds greater promise and it doesn’t need saving. “Crypto will be fine.” Binance has healthy reserves and will commit sufficient funds as per the projects and requirements.
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 Receives Crypto Custody Approval in Abu Dhabi
The crypto exchange announced receiving Financial Services Permission (FSP) license from the Financial Services Regulatory Authority of Abu Dhabi Global Market. The license allows Binance to provide custody services to professional clients.
Dominic Longman, senior executive officer at Binance Abu Dhabi, said the license is a significant milestone for Binance in Abu Dhabi. The United Arab Emirates continues its progressive stance on virtual assets. Binance also has an MVP license in Dubai.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Cathie Wood’s Ark Invest Files for BTC, ETH, SOL, XRP, ADA Crypto Index ETF
- Crypto ETF Issuer Grayscale Files S-1 for Binance Coin (BNB) ETF With SEC
- Did GameStop (GME) Capitulate? Retailer Moves All Bitcoin Holdings to Coinbase in Potential Sell-Off
- Binance Applies For EU MiCA License In Greece
- Kansas Advances Bitcoin Reserve Proposal as States Explore Digital Asset Funds
- Bitcoin and Gold Outlook 2026: Warsh, Rieder Gain Traction in Trump’s Fed Pick
- PEPE Coin Price Eyes 45% Rebound as Buyers Regain Control on Spot Markets
- Pi Network Price Prediction: Will PI Coin Hold Steady at $0.18 Retrace Lower?
- Dogecoin Price Prediction as 21Shares Announces DOGE ETF
- GME Stock Price Outlook as CEO Ryan Cohen Buys Shares Amid Store Closures
- Bitcoin Price Outlook as US Senate Delays CLARITY Act Again
