In an interview Thursday with Bloomberg Television’s Haslinda Amin, Zhao provided the most detailed overview yet of the various deals Binance is examining in the wake of rival FTX’s messy collapse. The centerpiece of Zhao’s plan is gathering partners for a fund aimed at backing promising but cash-strapped crypto projects.
Zhao said he’s seeking to limit damage to the crypto sector from FTX’s implosion — an event the Binance chief himself helped accelerate with a Nov. 6 tweet about plans to sell a $530 million holding of FTX’s native digital token. Before his empire fell, FTX founder Sam Bankman-Fried had agreed to several deals that are now in limbo, including the purchase of Voyager.
to the US. Members of UK Parliament have asked Binance to explain the circumstances surrounding Zhao’s Nov. 6 tweet, and whether the company understood the potential impact it might have.Another source of tension is that while Binance has licenses in many different jurisdictions, it isn’t formally based anywhere. When asked about the matter in the Bloomberg interview, Zhao demurred, saying only that Dubai and Paris are now its “global hubs.
Zhao said a Genesis collapse might only impact some large institutional players and sought to downplay the potential damage to the industry as a whole.The crypto billionaire, who moved to Dubai last year, has been expanding his company’s presence in Europe and the Middle East. “Today we have the largest offices in Dubai and Paris so you can view those two as global hubs,” Zhao said, declining to disclose where the company was headquartered.
Anyone dare to ask how he’s able to put such collateral up?
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