'Crypto is not going away. We are still here': Binance CEO after FTX deal fiasco

Changpeng Zhao's announcement comes days after Binance canceled the deal to acquire rival exchange FTX founded by Sam Bankman-Fried.

Binance CEO Changpeng Zhao has announced that the world's largest crypto currency exchange is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis.

Zhao also welcomed other industry players with cash who want to co-invest, adding that despite the FTX fiasco, "crypto is not going away".

"Crypto is not going away. We are still here. Let's rebuild," he tweeted.

Also welcome other industry players with cash who wants to co-invest.

Crypto is not going away. We are still here. Let's rebuild.

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— CZ Binance (@cz_binance) November 14, 2022

Changpeng Zhao's announcement comes days after Binance canceled the deal to acquire rival exchange FTX which was facing a massive liquidity crunch.

“Our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,” the company had stated.

It also stopped accepting deposits of FTX's FTT token on its platform, Zhao said on Sunday, urging other rival exchanges to do the same.

"(Binance) has stopped FTT deposit, to prevent potential of questionable additional supplies affecting the market. We will monitor the situation," Zhao had tweeted. "FTT contract deployers moved all remaining FTT supply worth $400 million, which should be unlocked in batches. Not too sure what's going on."

FTT contract deployers moved all remaining FTT supply worth $400 million, which should be unlocked in batches. Not too sure what's going on.https://t.co/JBPd02xIRk

— CZ Binance (@cz_binance) November 13, 2022

This also followed reports of FTX founder Sam Bankman-Fried having secretly transferred $10 billion of customer funds from FTX to Bankman-Fried's trading company Alameda Research.

Bankman-Fried, however, told Reuters that he "disagreed with the characterisation" of the $10 billion transfer.