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Changpeng Zhao, CEO of Binance, denied soliciting money backing for his crypto recovery fund initiative from the Middle East during his meeting in Abu Dhabi, claiming the meeting was simply for regulatory purposes.

CZ Denies This False Report

According to a recent report, Binance CEO Chanpeng Zhao held a meeting with creditors seeking funding and support for the crypto funding initiative. However, in a tweet with the term “False,” CZ responded to this fake report.

This, however, disproved the notion that Binance had approached other investors for assistance with this project. 

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However, this purported conference was only held to discuss cryptocurrency rules and made no mention of the concept of a cryptocurrency recovery fund.

CZ developed the idea for the crypto recovery fund initiative, which aims to assist companies and established enterprises that are on the verge of liquidation. After FTX failed, CZ initiated this plan with the intention of aiding organizations that were on the path to becoming the now-fallen FTX.

The discussion in Abu Dhabi, on the other hand, was focused on cryptocurrency laws, as well as proof of custody regulations.

Further details on the crypto financing initiative have not been made public, but a directive from Binance in the past week directed enterprises and firms that thought they required this support to visit the Binance Labs for more directives and information.

Not everyone appears to believe there is no ulterior motive behind Binance’s attempt. Nouriel Roubini, an economist, slammed Binance’s decision, claiming that CZ is even sleazy than FTX exchange CEO, Sam Bankman Fried, who brought his business to its downfall.

Binance also stated that it will work with Ethereum Blockchain and its CEO, Vitalik Buterin to establish a new mechanism platform for proof of reserves.

Factors Influencing The Crypto Market Now

Meanwhile, the crypto market has been attempting to recover from the devastating impact of the FTX crash. So many elements have recently been observed to be influencing the market.

The dump of 7000 BTC by Bitcoin miners rattled the market, driving token values to new lows. However, Saudi Arabia’s recent triumph against Argentina was perceived as doing a lot of good in the NFT area. This victory increased the Saudi NFT by more than 300%, while the Argentina token (ARG) fell by 20%.

Also, crypto traders are keeping a close eye on the market during the World Cup season, as it has been demonstrated that the victory or defeat of any team has an impact on the market, so traders are looking for any slight opportunity to either ape in or pull out to profit from the ongoing tournament.

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Richard Hines

By Richard Hines

Richard Hines is a respected news writer and analyst with a knack for uncovering the key elements of a story. His articles are insightful, informative, and thought-provoking, providing readers with a nuanced understanding of complex issues.