Binance CEO met with Abu Dhabi investors about industry recovery fund: Bloomberg

Quick Take

  • Binance CEO Changpeng Zhao met with investors in Abu Dhabi last week in an effort to raise cash for a crypto industry recovery fund.
  • Zhao said last week the fund would help strong firms facing liquidity problems.

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."

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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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About Author

Nathan Crooks is the U.S managing editor at The Block, based in Miami. He was previously at Bloomberg News for 12 years, where he helmed coverage of South Florida after roles as a breaking news editor and bureau chief in Caracas, Venezuela. He's interviewed presidents, government ministers and CEOs, and, besides crypto, has covered major news events on the ground from earthquakes to hurricanes to the Chilean mine rescue in 2018. Nathan, a native of Clarion, Pennsylvania, holds a bachelor's degree from the University of Toronto, where he completed a specialist in political science, and an MBA from American University in Washington, D.C.

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