Changpeng Zhao, CEO of Binance Holdings, and several of his company’s managers held meetings with investors in Abu Dhabi last week in an attempt to raise money for a fund targeting the recovery of the cryptocurrency industry, according to people familiar with the matter.
Zhao and his team met with potential backers of the planned fund last week, including entities affiliated with the UAE’s national security adviser, Sheikh Tahnoon bin Zayed, who oversees a large financial empire, said the people, who spoke on condition of anonymity due to the privacy of the conversations.
The people indicated that the details of the fund’s size and the projects that will be supported have not yet been determined, and it is possible that the fund’s financing mechanism will be launched within several weeks.
A spokesperson for Binance, the world’s largest digital asset exchange, said that Changpeng Gao’s meetings in Abu Dhabi “focused on international regulatory issues, including the potential for Middle Eastern regulators to lead the global market in this area, by exploring more draconian controls for requirements.” Embracing cryptocurrency exchanges.
Bloomberg’s attempts to contact Sheikh Tahnoun through the UAE Ministry of Foreign Affairs were unsuccessful.
