Binance proposes fund to save crypto from future failures
By KEN SWEET
AP Business Writer
NEW YORK (AP) — Cryptocurrency exchange giant Binance is proposing the creation of a rescue fund that would save otherwise healthy crypto companies from failure. It’s an effort to stave off the cascading effects of last week’s implosion of FTX, the world’s third-largest crypto exchange. Binance founder and CEO Changpeng Zhao posted on Twitter that his company would create an industry-recovery fund to help cryptocurrency companies that are otherwise strong but are facing a liquidity crisis. Zhao provided no details on the fund’s size or scope, or how the funds would be distributed.
