{"id":70034,"date":"2022-11-14T15:17:36","date_gmt":"2022-11-14T13:17:36","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70034"},"modified":"2025-09-07T23:42:14","modified_gmt":"2025-09-07T20:42:14","slug":"binance-to-launch-fund-to-aid-industry-recovery","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/binance-to-launch-fund-to-aid-industry-recovery\/","title":{"rendered":"Binance to launch fund to aid industry recovery"},"content":{"rendered":"<p>The cryptocurrency exchange Binance will launch a fund to mitigate the cascading negative impact of the <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">FTX collapse<\/a> on the industry. This was stated by Binance&#8217;s CEO, Changpeng Zhao.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Also welcome other industry players with cash who wants to co-invest. <\/p>\n<p>Crypto is not going away. We are still here. Let\u2019s rebuild.<\/p>\n<p>2\/2<\/p>\n<p>\u2014 CZ ? Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1592044498921873409?ref_src=twsrc%5Etfw\">November 14, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cBinance is forming an industry-recovery fund to help projects that are otherwise strong but are experiencing liquidity stress. More details will follow in the near future. [\u2026 ] Crypto is not going away. We\u2019re still here,\u201d Zhao wrote.<\/p>\n<\/blockquote>\n<p>At the G20 summit Zhao reminded industry representatives of the responsibility to protect users. According to the press release, the head of Binance expressed hope that leading players could cooperate to establish stringent standards.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cAll participants need to increase transparency and closely cooperate with regulators to make the industry more reliable,\u201d he concluded.<\/p>\n<\/blockquote>\n<p>The decision by Binance to create the fund was welcomed by Justin Sun, founder of the Tron Foundation. Earlier he also stated his readiness to provide a <a href=\"https:\/\/u1f987.com\/en\/news\/justin-sun-says-hes-prepared-to-provide-a-billion-dollar-aid-to-ftx\">a &#8216;billion-dollar&#8217; bailout for FTX<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">.<a href=\"https:\/\/twitter.com\/trondao?ref_src=twsrc%5Etfw\">@trondao<\/a> <a href=\"https:\/\/twitter.com\/HuobiGlobal?ref_src=twsrc%5Etfw\">@HuobiGlobal<\/a> <a href=\"https:\/\/twitter.com\/Poloniex?ref_src=twsrc%5Etfw\">@Poloniex<\/a> echo <a href=\"https:\/\/twitter.com\/cz_binance?ref_src=twsrc%5Etfw\">@cz_binance<\/a>\u2018s initiative to participate in this industry recovery fund and help good builders and developers to recover from the crisis! \u2764\ufe0f<\/p>\n<p>\u2014 H.E. Justin Sun?????? (@justinsuntron) <a href=\"https:\/\/twitter.com\/justinsuntron\/status\/1592046906049724417?ref_src=twsrc%5Etfw\">November 14, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Simon Dixon, co-founder of the online investment platform BankToTheFuture, expressed a desire to join Zhao&#8217;s initiative.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cBut let&#8217;s make sure we don&#8217;t centralize the industry too much,\u201d Dixon added.<\/p>\n<\/blockquote>\n<p>The cryptocurrency exchange Bitget also announced the creation of a fund, according to ForkLog&#8217;s press release. A $5 million structure is intended to support those affected by the FTX incident.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIn this dark time, we must join forces, help each other, and wait for the dawn,\u201d Gracy Chen, managing director of Bitget, emphasized.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">During this dark time, we should join forces and help each other, and wait for the dawn. If you are an influencer\/trader affected by the FTX incident, you can find us <a href=\"https:\/\/twitter.com\/bitgetglobal?ref_src=twsrc%5Etfw\">@bitgetglobal<\/a> for support, you can also send me ur info at gracy.chen@bitget.com with [FTX-trader] in title<\/p>\n<p>\u2014 Gracy Chen (@GracyBitget) <a href=\"https:\/\/twitter.com\/GracyBitget\/status\/1591729354677096449?ref_src=twsrc%5Etfw\">November 13, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>FTX Group <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">filed for bankruptcy<\/a> under Chapter 11 of the U.S. Bankruptcy Code on November 11. Sam Bankman-Fried stepped down as CEO.<\/p>\n<p>Zhao <a href=\"https:\/\/u1f987.com\/en\/news\/changpeng-zhao-warns-of-a-cascading-crisis-in-the-crypto-industry\">compared the current state of the industry to the 2008 financial crisis<\/a>. In his view, more companies could fail in the coming weeks.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance will launch a fund to mitigate the cascading negative impact of the FTX collapse on the industry.<\/p>\n","protected":false},"author":1,"featured_media":70035,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,935,1302,1133],"class_list":["post-70034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-changpeng-zhao","tag-justin-sun","tag-venture-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=70034"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70034\/revisions"}],"predecessor-version":[{"id":70036,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70034\/revisions\/70036"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/70035"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=70034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=70034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=70034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}