Binance CEO’s Plan to Save Crypto Market Fails: Media
Bloomberg has reported that Changpeng Zhao, the CEO of Binance, was unsuccessful in his attempt to create a $1 billion fund to support the cryptocurrency industry following the collapse of FTX.
Zhao’s plan aimed to gather a substantial amount of funding from major players in the industry, and he emphasized the responsibility of protecting users during the G20 summit, calling for cooperation.
While Binance announced that around 18 companies participated in the program, only nine were publicly named.
According to Bloomberg, the initiative only managed to raise $64 million, with only one of the announced participants fulfilling their promised investment.
Additionally, the fund was not structured as a foundation, allowing participants to use the funds they received as they wished.
According to Clara Medali, research director at research firm Kaiko, this lack of structure has resulted in a lack of accountability in the use of the funds.
