Binance Chief Executive Changpeng Zhao said the cryptocurrency platform plans to launch a fund to help cryptocurrency projects facing a liquidity crisis as the collapse of rival FTX hits the industry.
The recovery fund will help “reduce the negative ripple effects of FTX,” Zhao said in a tweet on Monday, targeting “once strong but in a liquidity crisis” projects.
Binance, which has abandoned a deal with FTX, did not respond to a request for comment on the size of the planned fund.
Earlier, Zhao called for new but stable and clear regulations for the industry in light of recent developments.
“We are in a new industry, we saw last week that things have gone crazy,” Zhao told a meeting of G20 leaders at a summit in Bali. “We need some regulations, we need to do this correctly, stably.”
“I think the industry collectively has a role to protect consumers, to protect everyone. So it’s not just the regulators. They have a role, but it’s not 100% their responsibility,” Zhao said.
Over the weekend, Zhao tweeted that Binance had stopped accepting FTX cryptocurrency deposits from FTX on its platform and urged other exchanges to do the same.
Source: CNN Brasil
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