Binance 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.