TechCrunch | Binance's Zhao Changpeng: "We are just the last straw, the industry recovery fund is about $2 billion."

Binance founder Zhao Changpeng discussed the FTX incident at Crypto 2022 hosted by the technology media TechCrunch, stating that he was not the main cause of FTX's collapse. Additionally, he mentioned that the approximate figure for the industry recovery fund is $2 billion.

Binance's Zhao Changpeng: We're Just the Last Straw

When asked by reporters, Binance founder Zhao Changpeng stated that the bankruptcy reorganization of FTX was the result of a series of events, and he was just the person who happened to push it over the edge. "I don't have that much influence, we are just the last straw that broke the camel's back."

Main Revenue of Binance Still Comes from Trading Fees

Zhao Changpeng mentioned that the FTX incident has caused damage to the confidence and reputation of the entire industry, but in the long run, it is a good thing because it will increase transparency among operators. He also expressed surprise at the amount of funds and losses transferred from FTX, as Binance is still profitable. He stated that Binance's main revenue still comes from trading fees, and if there is a prolonged bear market, he might consider reintroducing banner ads on CoinMarketCap.

Transparency Maintains Confidence in BNB

Zhao Changpeng mentioned that although Binance and FTX both have their own tokens (BNB and FTT, respectively), the situations are quite different. Binance has reserves proof and cooperates with auditing and regulatory agencies to provide transparency to the best of their ability.

$2 Billion Industry Recovery Fund

Recently, Binance announced the establishment of an industry recovery fund. Zhao Changpeng stated at the meeting that it will be approximately $2 billion, but he is unsure if it will be sufficient.

Zhao Changpeng mentioned that although it may sound like relief funds, Binance approaches it from a business perspective. Binance will obtain equity or other assets for compensation. If a team does not have enough funds, Binance can also assist the project to go open-source, which would be a form of grant.