Binance CEO denies reporting firm met with Abu Dhabi investors for crypto recovery fund

Changpeng Zhao first announced the fund after FTX filed for bankruptcy, saying it would aim to help projects with liquidity problems, but not for "liars or fraudsters."

Changpeng Zhao, chief executive of crypto exchange Binance, has denied a report claiming he met with investors in Abu Dhabi in a bid to raise money for the company's crypto recovery fund.

According to a Nov. 22 report from Bloomberg, CZ and other Binance affiliates discussed raising funds for its fund project, aimed at helping projects with potential liquidity issues. Zhao and the Binance team reportedly met with potential backers associated with UAE National Security Advisor Sheikh Tahnoon bin Zayed, while a Binance spokesperson said the meetings were "focused on general global regulatory issues". CZ pushed back against the report on Twitter, saying only that it was "false".

The CEO of Binance first announced the fund on November 14 following the "cash crisis" and FTX's bankruptcy filing. It is unclear what size the crypto exchange intended the fund to be. FTX bankruptcy filings suggested the company owed more than $3 billion, while it had just over $1.2 billion in cash as of November 20. However, CZ added on Twitter that the fund was never intended for "liars or fraud".

To further reduce the cascade...