Binance has established a fund to assist projects that are struggling with a lack of liquidity.

In order to achieve this goal, he explained, the fund would offer support to initiatives that have a history of success despite the fact that they are currently experiencing a liquidity issue. Even though the CEO of Binance did not provide specific information regarding the projects that would be qualified for the facility, he did invite the teams that feel themselves to be eligible to the Binance Labs (the venture capital branch of the exchange).

In addition to this, he extended an invitation to all of the other organizations operating within the sector who are interested in making a joint investment in the cryptocurrency exchange to get in touch with them. Zhao stated that they will be making efforts to flourish the cryptocurrency business and that it will not disappear. While responding to a question on the qualification of FTX that was posed by a member of the community, Zhao remarked that the respective fund has nothing to do with FTX because projects that are run by con artists or liars are not to be regarded strong projects.

A member of the United States House of Representatives has said that wealthy individuals are obstructing the passage of legitimate cryptocurrency legislation.

A crypto skeptic has begun to accuse crypto billionaires of being the cause of the continual decline in the value of cryptocurrency markets. This person believes that these billionaires are the ones who are impeding the progress that is being made in regulatory efforts. Representative Brad Sherman of the United States said that the actions done by crypto industry billionaires to lobby as well as contribute to political campaigns demonstrated success in thwarting substantial legislation.

In the meantime, it was reported that Sam Bankman-Fried, who served as the former CEO of FTX, along with three executives from the FTX exchange and Caroline Ellison, who serves as the CEO of Alameda Research, are attempting to find a way to relocate to Dubai, which is located in the United Arab Emirates.

It is believed that they are acting in this manner in order to avoid any legal measures that may be brought against them in the regions in where they are now residing. They will be in a better position to protect themselves and their families by relocating to Dubai, as the United Arab Emirates and the United States do not have a banishment treaty to prevent dangerous criminals from fleeing their respective jurisdictions.