The CEO of the Binance crypto exchange believes that some of the assets of the bankrupt FTX exchange can still be saved.
Changpeng Zhao explained that his exchange refused to buy FTX at the time because it was not provided with comprehensive reporting, including trading history on Binance. Binance is now looking into the assets of the company that has lost liquidity, because more data has emerged in connection with the FTX filing for bankruptcy:
“They have invested in a number of projects. Some of them are good, some are bad. But I think there are certain assets that can be salvaged and that are of interest.”
The CEO of Binance called for investment in the crypto industry recovery fund, which has now reached approximately $1 billion. The businessman assured that the target amount of the fund could increase:
“If that’s not enough, we can allocate more.”
Zhao first announced the fund’s creation last week to help mitigate the effects of FTX’s collapse. And he assured that the fund is an address on the blockchain that the entire crypto community can track. In the near future, the businessman promised to publish detailed information about the fund.
Zhao, despite his own tweets that heightened the effect of the FTX collapse, believes he should have brought the community’s attention to the management issues of the failing marketplace earlier.
“I think we as an industry let FTX get too big before we started questioning its work. In the future, we will ask questions before such a disaster occurs, and this should not be taken as an attack on colleagues in the industry. We just want to achieve more transparency and a more thorough study of the crypto industry,” he said.
The CEO of Binance expressed his concerns about the American crypto exchange Coinbase. According to him, Coinbase financials are not stored on the blockchain, “which is the most transparent way to display information.”
Earlier, Changpeng Zhao said that crypto exchanges must follow a clear list of security rules.