Binance chief executive officer Changpeng “CZ” Zhao and several deputies met with investors in Abu Dhabi last week in an effort to raise cash for a crypto industry recovery fund, according to people familiar with the matter, Bloomberg reported.
Zhao’s move comes after the world witnessed FTX’s bankruptcy earlier this month. Following this, Zhao said Binance would form a recovery fund “to help projects who are otherwise strong, but in a liquidity crisis,” via Twitter.
According to the report, Zhao held meetings with potential backers last week which included the UAE national security adviser Sheikh Tahnoon Bin Zayed.
“Details on the size of the fund and the projects to support are still not decided and it’s likely several weeks before the vehicle takes off,” people familiar with the matter told Bloomberg.
According to a Binance spokesperson, “CZ’s meetings in Abu Dhabi were all focused on general global regulatory matters – specifically how Middle Eastern regulators could lead the globe by exploring more aggressive proof of custody requirements for crypto exchanges.”
However, efforts to reach Sheikh Tahnoon through the UAE Ministry of Foreign Affairs were unsuccessful, Bloomberg reported.
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