Changpeng Zhao did not rule out the possibility of acquiring FTX assets

Binance chief Changpeng Zhao left open the possibility of purchasing FTX assets. In an interview with Bloomberg, he said that some of them could still be salvaged.

According to Zhao, Binance declined to acquire FTX, as it did not have full access to the troubled competitor’s financial statements, including its trading history on the platform.

He noted that the exchange is studying the company’s assets, as the latest bankruptcy filing has brought more information to light.

“They invested in a number of different projects. Some are good, some — bad. But I think there are assets that can be salvaged and that are of interest,” he explained.

At the same time, Zhao announced that the exchange would create a $1 billion fund to purchase troubled firms in the sector. He added that the scale could be expanded if the amount proves insufficient.

Earlier, Binance announced a fund aimed at rebuilding the cryptocurrency industry. According to Zhao, the company has already held talks with several market participants. He stressed that the exchange’s partners in this initiative “will contribute at their own discretion”.

Zhao confirmed that the American subsidiary — Binance US — filed a new bid to participate in the auction for the sale of the assets of the bankrupt lender Voyager Digital.

He also stated that the potential bankruptcy of Genesis would affect “some major institutional players”, and noted that the cryptocurrency industry would not collapse because of the platform’s problems.

Earlier, The Wall Street Journal reporters said that Binance will not invest in Genesis Global Capital as it seeks $1 billion in emergency financing.

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