Cryptocurrency exchange Binance is forming an industry recovery fund to “reduce further cascading negative effects of FTX,” said CEO Changpeng Zhao (CZ). “As an industry, we need to increase transparency,” the executive stressed. “We need to work very closely with regulators all around the world to make this industry more robust.”

Binance Establishing Crypto Industry Recovery Fund

Following the collapse of cryptocurrency exchange FTX, Binance announced that it is forming a recovery fund for the crypto industry. CEO Changpeng Zhao (CZ) tweeted early Monday morning:To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis.