Binance CEO Changpeng "CZ" Zhao met with investors in Abu Dhabi last week in an effort to raise cash for a crypto industry recovery fund, Bloomberg News reported, citing sources.
Zhao met with potential backers including entities affiliated with United Arab Emirates National Security Adviser Sheikh Tahnoon Bin Zayed; details on the size of the fund and projects to support have not yet been decided, and it could be several weeks before the fund is established.
A Binance spokesperson told Bloomberg that the meetings were focused on global regulatory matters and how Middle Eastern regulators "could lead the globe by exploring more aggressive proof of custody requirements."
Zhao responded to a tweeted headline of the Bloomberg report by saying "false."
The CEO said last week that Binance was forming the industry recovery fund "to help projects who are otherwise strong, but in a liquidity crisis." He's also called on other exchanges to adopt six principles, including avoiding excessive leverage, to ensure trust in the wake of the collapse of rival exchange FTX.
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