Binance CEO CZ has denied Bloomberg’s Nov. 21 report that it was seeking investment in an industry recovery fund. CZ said he took to Twitter to briefly confirm that the report was “false.”
— CZ🔶 Binance (@cz_binance) November 22, 2022
The Bloomberg article states:
“CZ” Zhao and several representatives met with investors in Abu Dhabi last week to raise money for the crypto industry recovery fund, according to people familiar with the matter. “
However, given that CZ denied having spoken to investors about the new recovery fund, after the Binance CEO attended the recent Milken Institute Middle East and Africa Summit on Nov. 17, the report said It looks like they may have misrepresented the CEO of Binance. Dubai is just an hour from Abu Dhabi.
According to Bloomberg, a Binance representative said the CZ meeting was focused on “global regulatory issues.”
“All of CZ’s meetings in Abu Dhabi focused on general global regulatory issues. Specifically, regulators in the Middle East investigating evidence of more aggressive custody requirements for crypto exchanges. It’s about how we can lead the world.”
CZ confirmed the existence of a global crypto recovery fund on November 14th.
To further reduce the cascading negative effects of FTX, Binance has established an Industry Recovery Fund to support otherwise strong but liquidity-stressed projects. Details to be announced soon. In the meantime, if you think you are eligible, please contact Binance Labs. 1/2
— CZ🔶 Binance (@cz_binance) November 14, 2022
“Make a nice profile piece, invite them to a photo shoot, then switch stories at the last minute. Ignore any positive comments you get from third parties. Only pick up old negatives. I’ll still put you on the cover.