Binance intends to establish a recovery fund to assist projects with solid fundamentals but in need of liquidity.

Changpeng “CZ” Zhao, the CEO of Binance, has been meeting with investors in Abu Dhabi to solicit funds for the cryptocurrency recovery fund of the exchange.

According to the report, which cited people familiar with the situation, Zhao met with potential fund backers last week, including organizations associated with Sheikh Tahnoon Bin Zayed, the United Arab Emirates’ national security adviser.

In response to the fallout from FTX’s collapse, Binance plans to establish a recovery fund earlier this month to assist projects with strong fundamentals but a liquidity crisis.

The size of the fund, the projects it will support, and other details have not yet been made public. 

According to a Binance CEO, “CZ’s meetings in Abu Dhabi were all focused on general global regulatory matters” and “how Middle Eastern regulators could lead the world by exploring more aggressive proof of custody requirements for crypto exchanges.”

FTX had been attempting to act as a savior for struggling crypto companies following the June market crash. Now, it seems eager to fill this void.

Also read: India’s Crypto, Web3 Industry Structures New Support Body

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