Binance CEO is said to seek funds from Middle East investors to revamp cryptoverse

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In an effort to help certain cryptocurrency projects get back on their feet, Binance CEO Changpeng "CZ" Zhao has met with potential investors in Abu Dubai last week in his search of fundraising for the exchange's crypto recovery fund, Bloomberg reported Tuesday, citing people with knowledge on the matter.

Those potential backers of the fund, the details of which are yet to be disclosed, included entities affiliated with United Arab Emirates National Security Adviser Sheikh Tahnoon Bin Zayed, the report said.

“CZ’s meetings in Abu Dhabi were all focused on general global regulatory matters -- specifically how Middle Eastern regulators could lead the globe by exploring more aggressive proof of custody requirements for crypto exchanges,” a Binance spokesperson said, as quoted by Bloomberg.

Binance did not immediately respond to Seeking Alpha's request for comment.

The move comes as the digital asset space got stung once again by the implosion of crypto exchange FTX, which used to be known as the "rescuer" of distressed crypto-related firms. The tables seem to have turned, though, as Binance, the world's largest crypto trading platform, takes over FTX's prior label as an "industry savior."

In mid-October, Binance Pool launched $500M lending project to support bitcoin miners.