Binance mulls $1b recovery fund for distressed assets

Binance mulls $1b recovery fund for distressed assets

FILE PHOTO: Changpeng Zhao, Binance's Chief Executive Officer attends the B20 Summit, ahead of the G20 leaders' summit, in Nusa Dua, Bali, Indonesia, November 14, 2022. REUTERS/Willy Kurniawan

Cryptocurrency exchange Binance is aiming for a roughly $1 billion fund for the potential purchase of distressed assets in the digital sector, Bloomberg News reported on Thursday, citing an interview with Chief Executive Officer Changpeng Zhao.