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Binance chief poised to snap up $1bn distressed crypto assets

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City AM

By Charlie Conchie The chief of crypto exchange Binance said he may snap up $1bn worth of distressed assets in the sector as firms fail amid the shockwaves of FTX’s collapse. Changpeng Zhao, who at one stage was poised to buy FTX as it first faltered amidst a liquidity crisis, outlined his plans for an industry recovery fund that could help rescue struggling firms from collapse. Zhao tweeted last week that Binance would set up a recovery fund for the industry to help save distressed firms from collapse, as the industry rushed to soothe fears of a contagion in the wake of FTX’s collapse. “We ar…

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