Re: (Video) Binance’s Zhao Flags Possible $1 Billion for Distressed Assets

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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-distressed-assets-bloomberg-news-2022-11-24/

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.