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Bloomberg Reported That CZ Met With Abu Dhabi Investors, But The Binance CEO Denied

According to sources cited by Bloomberg News, Changpeng Zhao (CZ), CEO of Binance, met with investors in Abu Dhabi last week in a bid to raise cash for a fund to support the revival of the crypto market.

The conversations, according to a representative for Binance who spoke to Bloomberg, were centered on issues of global regulation and how Middle Eastern regulators might lead the globe by exploring more stringent proof of custody rules.

Zhao spoke with possible donors, including organizations connected to Sheikh Tahnoon Bin Zayed, the National Security Adviser of the United Arab Emirates. The amount of the fund and the initiatives it would assist have not yet been determined, and it may take a few weeks until the fund is founded.

However, CZ tweeted the word “False” in response to the Bloomberg report’s headline.

Last week, the CEO of Binance announced that the company was creating an industry recovery fund to aid projects that are otherwise strong but are experiencing a liquidity crisis.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.