Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.

Binance CEO Changpeng "CZ" Zhao says that his exchange is setting up an industry recovery fund to help rebuild the industry.

CZ said that more details will be announced in the coming days, and said that the fund is open to industry co-investors.

Tron founder Justin Sun said that Tron, Huobi Global and Poloniex will support Binance in its initiative. Huobi Global also confirmed this in a tweet.

This announcement comes a month after Binance Pool said it was committing $500 million in the form of a lending facility for struggling bitcoin miners.

Binance's BNB Token is up 3% on the news. Bitcoin and Ether also both gained 4% after the announcement was made.

In remarks made Monday at the B20 Summit in Indonesia, CZ said he wanted the industry, as well as regulators, to take responsibility for cleaning up its act.

"We will we will try to collect the other industry players together to form an industry association globally, and try to deal with some of the common standards in business," CZ said, citing recent crypto market events as a reason for the initiative to happen "very soon."

UPDATE (Nov. 14, 2022, 09:30 UTC): Adds comments from B20 summit.


DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.

CoinDesk - Unknown

Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.