(Video) Binance’s Zhao Flags Possible $1 Billion for Distressed Assets
Binance’s Zhao Flags Possible $1 Billion for Distressed Assets https://www.bloomberg.com/news/articles/2022-11-24/binance-s-zhao-flags-poss...
This article looks intriguing at first glance. In the past, members of this list would encourage sources that did not require a login, to help protect the anonymity of visitors. For me right now, Bloomberg requires a login, but Reuters does not. Here’s an article on Reuters: https://www.reuters.com/technology/binances-zhao-flags-possible-1-billion-di... We would also paste the content of important articles in, since it can be deanonymising and endangering to use the web at all. Of course, if the article is forthrightly pasted, the login may not matter. Here are two Reuters pastes: Binance's Zhao flags possible $1 billion for distressed assets- Bloomberg News Nov 24 (Reuters) - Cryptocurrency exchange Binance is aiming for a roughly $1 billion fund for the potential purchase of distressed assets in the digital sector, Bloomberg News reported on Thursday, citing an interview with Chief Executive Officer Changpeng Zhao. Zhao hinted at the possibility of allocating more funds in the interview. "If that's not enough we can allocate more", he said. Zhao said while speaking at a conference in Abu Dhabi last week that there was significant interest from industry players in a recovery fund his company plans to launch to help cryptocurrency projects facing a liquidity squeeze, following the collapse of rival FTX. read more He said such a fund would help "reduce further cascading negative effects of FTX" without giving an exact figure for the fund. The crypto market is teetering after the collapse of FTX, which is seeking Chapter 11 bankruptcy protection in the United States. Several crypto firms have been bracing for the fallout from the FTX collapse, with many counting their exposure to the exchange in millions. Major crypto player Genesis said last week it had suspended customer redemptions in its lending business, while BlockFi is reportedly preparing to file for bankruptcy. Binance CEO Zhao: Significant interest in crypto industry recovery fund ABU DHABI, Nov 16 (Reuters) - Binance Chief Executive Changpeng Zhao said on Wednesday there was significant interest from industry players in a recovery fund his company plans to launch to help crypto projects facing a liquidity squeeze following the collapse of rival FTX. Speaking at a conference in Abu Dhabi, Zhao said he doesn't have an exact figure in mind for the size of the recovery fund. "There are players that have strong financials and we should band together; we've got significant interest so far," he said, declining to name other exchanges or institutions at this point. Zhao said Binance has healthy reserves but he did not say how much the company would contribute to the fund. "Crypto doesn't need saving," Zhao said. "Crypto will be fine." More details concerning the fund will be available over the next two weeks, Zhao said. The Binance boss said on Monday such a fund would help "reduce further cascading negative effects of FTX". The crypto industry is reckoning with the collapse of Sam Bankman-Fried's rival exchange FTX, which filed for bankruptcy on Friday after users rushed to withdraw $6 billion in crypto tokens in just 72 hours. Binance said in a statement on Wednesday it received Financial Services Permission (FSP) - a licence to provide custody services to professional clients - from the Financial Services Regulatory Authority of Abu Dhabi Global Market, the emirate's financial free zone. "Obtaining this license is a pivotal step in the growth of Binance in Abu Dhabi, and a reflection of the city's progressive stance on virtual assets," Dominic Longman, senior executive officer at Binance Abu Dhabi, said in a statement.
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Gunnar Larson
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Undescribed Horrific Abuse, One Victim & Survivor of Many