Cryptocurrency exchange Binance plans to launch a fund to reduce the “cascading negative impact” of the FTX collapse on the industry, the exchange CEO Changpeng Zhao has said.
According to him:
“Binance is forming an industry recovery fund to help projects that are otherwise strong but are experiencing a liquidity crunch. More information will appear shortly. Cryptocurrency is not going away. We are still here.”
Zhao has reminded during the G20 summit industry representatives of the responsibility to protect users. According to a press release, he has expressed his hope that the leading players “can cooperate” to create strict standards.
He has added:
“All participants need to increase transparency and work closely with regulators to make the industry more reliable.”