world’s largest cryptocurrency stock market Changpeng Zhao (CZ), CEO of Binance He spoke at Abu Dhabi Finance Week.
CZ after FTX bankruptcy FTT He covered many topics from the announcement that he would sell his tokens, from the regulation of the crypto money industry to the recovery fund that Binance is planning to launch.
Stating that the bankruptcy of FTX, the third largest exchange after Binance, damaged the confidence in the sector, CZ said,“Forward regulators will scrutinize the cryptocurrency industry much more” said.
Binance’s Recovery Fund Grows Support!
Stating that industry players showed great interest in the recovery fund that Binance plans to launch to help crypto projects experiencing a liquidity squeeze after FTX’s bankruptcy, CZ said:
“I don’t have an exact figure in mind for the size of the recovery fund Binance plans to launch.
However, there are players whose financial situation is strong. We must meet with them. So far, we have seen a significant interest.
I also think that the crypto industry needs global unity. Because, as industry players, we do not have a common voice. “
CZ said it could not disclose the names of other exchanges or institutions currently supporting the recovery plan.
Stating that Binance’s reserves are in good condition at this point, CZ did not say how much Binance would contribute to the fund.
Transparency is Crucial to Crypto!
Crypto Stating that there is a need for transparency in the industry, CZ stated that he is working closely with regulators and auditors to create more transparency in the future.
Stating that Binance has 15 crypto licenses all over the world, which makes Binance the most licensed company in the world, CZ said. “Binance has obtained a Financial Services Authorization (FSP) from the Financial Services Regulatory Authority (FSRA) in Abu Dhabi that will enable it to provide custody services to its professional clients” said.
Binance Secures Financial Services Permission from Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) https://t.co/CtKoWGHr5q
— CZ 🔶 Binance (@cz_binance) November 16, 2022
CZ, who said that the crypto industry, which was hit with the bankruptcy of FTX, will work harder for the better. “I am not the savior of cryptocurrency. Crypto will be fine.” said.
FTT Talking about the token sale, CZ said:
“We see ourselves as participants of the industry.
I tweeted that we were selling our FTT tokens just to be transparent. We are trying to do something to protect the industry, so we warned the industry.
I didn’t expect Sam (Bankman-Fried) to call me the next day to tell me he was bankrupt.”
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