Binance Develops A Recovery Fund To Assist Projects Going Through Liquidity Issues
As the impact of the disastrous meltdown of FTX keeps on influencing the markets negatively, Binance (the well-known crypto exchange) is developing a fund devoted to assisting the likely resilient projects going through liquidity problems. A Twitter post was shared on the behalf of Changpeng Zhao (the CEO of Binance) in which he mentioned that the target of the fund would be to minimize the mounting impact of the FTX collapse.
Binance Establishes a Fund to Assist Projects that Face Liquidity Shortage
To accomplish this, he added, the fund would provide assistance to the projects which are resilient but are currently dealing with a liquidity crisis. Though the Binance CEO did not offer details about the projects which would be eligible for the facility, he invited the teams which consider them to be eligible to the Binance Labs (the venture capital branch of the exchange).
He additionally invited the rest of the entities in the industry that intend to co-invest in the crypto exchange to contact them. Zhao noted that they will make efforts to flourish the crypto industry and it would not go away. While responding to a question by a community member regarding the qualification of FTX, Zhao mentioned that the respective fund has nothing to do with FTX as scammers or liars are not to be considered strong projects.
A US Representative Accuses Billionaires to Be Hindering a Valid Crypto Legislation
With the consistent downturn of the crypto markets, a crypto skeptic began accusing crypto billionaires to be the cause hindering the advancements being made in regulatory endeavors. Brad Sherman, a Representative from the United States, asserted that the measures taken by the billionaires in the crypto world to lobby as well as contribute to campaigns showed effectiveness in daunting significant legislation.
In the meantime, it was reported that Sam Bankman-Fried (former FTX CEO), 3 executives from the FTX exchange, and Caroline Ellison (the CEO of Alameda Research) are endeavoring to find some way to shift to the United Arab Emirates-based Dubai.
They are reportedly doing so to evade any enforcement actions to be taken against them in areas where they are presently residing. By going to Dubai they will be benefited as the UAE and the United States do not have a banishment treaty to prevent malicious people from escaping their jurisdictions.
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