Binance proposes fund to save crypto from future failures

KIFI

Published November 14, 2022 11:47 AM

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Cryptocurrency exchange giant Binance is proposing the creation of a rescue fund that would save otherwise healthy crypto companies from failure. It’s an effort to stave off the cascading effects of last week’s implosion of FTX, the world’s third-largest crypto exchange. Binance founder and CEO Changpeng Zhao posted on Twitter that his company would create an industry-recovery fund to help cryptocurrency companies that are otherwise strong but are facing a liquidity crisis. Zhao provided no details on the fund’s size or scope, or how the funds would be distributed.

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