Binance CEO Changpeng “CZ” Zhao and several deputies met with investors in Abu Dhabi last week in an effort to raise funds for a crypto industry recovery fund, according to people familiar with the matter.
Zhao’s move comes after FTX declared bankruptcy earlier this month. Following this, Zhao announced on Twitter that Binance would establish a recovery fund “to assist projects that are otherwise strong but are experiencing a liquidity crisis.” Last week, Zhao met with potential backers, including UAE national security adviser Sheikh Tahnoon Bin Zayed, according to the report.
