CZ Raises Cash for Binance's 'Recovery Fund'

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CZ raises money for 'recovery fund'

Binance CEO Changpeng Zhao (CZ) met with investors in Abu Dhabi last week to raise cash for a crypto industry recovery fund.

According to Bloomberg, CZ had a business trip in Abu Dhabi last week and met with investors to find cash for the recovery fund that Binance just introduced.

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“CZ met with investors in Abu Dhabi to raise cash for Binance’s crypto industry recovery fund. This is CZ's effort to improve trust, transparency, for the cryptocurrency sector," Bloomberg said.

Details on the size of the fund and supporting projects are yet to be decided and it could take several weeks before the fund goes live.

A spokesperson for Binance told Bloomberg that discussions were mainly focused on global regulatory issues and how Middle East regulators “can lead globally by exploring the crypto space.” .

CZ has met many pro-crypto people, such as United Arab Emirates National Security Adviser Sheikh Tahnoon Bin Zayed.

CZ said last week that Binance is setting up a recovery fund. This is a fund dedicated to helping potential projects that are experiencing a liquidity crisis. CZ also urged other exchanges to adopt six principles, including avoiding excessive leverage, to ensure confidence following the collapse of the FTX exchange.

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