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Binance Forming Crypto Industry Recovery Fund to 'Reduce Further Cascading Negative Effects of FTX' – Bitcoin News

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Binance is setting up an industry recovery fund to 'reduce further cascading negative effects of FTX,' the CEO said. crypto cryptocurrency

Binance Forming Crypto Industry Recovery Fund to 'Reduce Further Cascading Negative Effects of FTX'

Cryptocurrency exchange Binance is forming an industry recovery fund to “reduce further cascading negative effects of FTX,” said CEO Changpeng Zhao . “As an industry, we need to increase transparency,” the executive stressed. “We need to work very closely with regulators all around the world to make this industry more robust.”Following the collapse of cryptocurrency exchange FTX, Binance announced that it is forming a recovery fund for the crypto industry.

To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. “Also welcome other industry players with cash who wants to co-invest,” the Binance boss added. “Crypto is not going away. We are still here. Let’s rebuild.”

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Nearly half of Binance's reserves are in the firms own stablecoin and native token, according to Bloomberg. Has anyone see Binance proof of reserves?

Translation: Binance is setting up a industry recovery fund to bail out fraud

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