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Binance is creating an industry recovery fund to lessen the cascading consequences of FTX

CJ - Cryptocurrency Specialist 

There have been numerous rumours about the bankruptcy of other cryptocurrency exchanges after the significant FTX exchange meltdown on November 8th. People are becoming less and less confident in centralized exchanges as more and more information about the FTX narrative comes to light.

Binance CEO, CZ recently expressed opinion on Twitter, stating that “To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify”. CZ advised that other cryptocurrency exchanges should implement merkle-tree proof-of-reserves, with Binance being the first to do so.

On November 14, CZ will host an AMA on Twitter Spaces to answer any consumer inquiries about Binance as a reliable cryptocurrency exchange platform. A conversation will be followed by the release of more information.

Despite the fact that the entire FTX scenario will have, and already has, had a bad impact on the industry, it's crucial to note that more individuals are researching decentralized exchanges and are optimistic that things will turn out for the better in the long term.

Now than ever before in the crypto market investment industry there is a need for reliable cryptobrokers. One such cryptocurrency broker is BC Bitcoin where you can buy and sell cryptocurrency and receive guidance on self-custody wallets to keep your coins safe and secure.

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