Eyebrows raised as controversial crypto king launches $1.5b rescue fund

Zhao mentioned Binance US is planning to revive its bid for the property of Voyager, a deal which got here again into focus after FTX filed itself for chapter. Binance shall be competing with crypto trade CrossTower and different firms for Voyager.

Binance can be in talks with Genesis World, the US-based cryptocurrency dealer which is looking for emergency funding to remain afloat, Zhao mentioned. The troubled brokerage has $US2.8 billion in excellent loans on its steadiness sheet, with about 30 per cent of its lending made to associated events together with its father or mother firm, Barry Silbert’s Digital Foreign money Group.

Zhao mentioned a Genesis collapse may solely impression some giant institutional gamers and sought to downplay the potential harm to the trade as a complete.

“There shall be ache at any time when one participant goes down,” he mentioned.

Dubai, Paris ‘hubs’

The crypto billionaire, who moved to Dubai final yr, has been increasing his firm’s presence in Europe and the Center East. “As we speak we’ve the biggest workplaces in Dubai and Paris so you may view these two as world hubs,” Zhao mentioned, declining to reveal the place the corporate was headquartered.

Earlier than his empire fell, FTX founder Sam Bankman-Fried had agreed to a number of offers that are actually in limbo, together with the acquisition of Voyager.Credit score:Bloomberg

With FTX now in chapter, Zhao’s interactions along with his former competitor is coming full circle. Binance initially agreed to purchase FTX because it began crumbling, then pulled out after Zhao realised what a precarious state Bankman-Fried’s trade was in.

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Binance didn’t have entry to all of FTX’s books or buying and selling historical past and couldn’t belief the knowledge it offered, Zhao mentioned within the interview. The trade is now planning to have a look at FTX’s property as they arrive by way of chapter proceedings, he mentioned.

“They invested in a lot of totally different tasks, a few of them are OK, a few of them are unhealthy however I feel there are specific property which might be salvageable,” Zhao mentioned.

Bloomberg

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