“We are going with a loose approach where different industry players will contribute as they wish,” he said. Zhao added that he’ll soon publish a blog post providing more detail about the fund.
Zhao said he’s seeking to limit damage to the crypto sector fromFTX’s implosion – an event the Binance chief himself helped accelerate with a November 6 tweet about plans to sell a $US530 million holding of FTX’s native digital token. Beforehis empire fell,FTX founder Sam Bankman-Fried had agreed to several deals that are now in limbo,including the purchase of Voyager.
The Binance leader’s credibility as industry saviour is a topic of controversy because of his role in FTX’s undoing,as well as investigations into the company from Singapore to the US. Members of UK Parliament have asked Binance to explain the circumstances surrounding Zhao’s November 6 tweet,and whether the company understood the potential impact it might have.
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Another source of tension is that while Binance has licences in many different jurisdictions,it isn’t formally based anywhere. When asked about the matter in the Bloomberg interview,Zhao demurred,saying only that Dubai and Paris are now its “global hubs.”
Voyager bid
This year’s deep crypto rout has lopped about $US80 billion off Zhao’s personal fortune,but at $US15 billion it still far exceeds that of anyone else in crypto,according to the Bloomberg Billionaires Index.