Zhao: Binance Receives Numerous Deal Proposals Amid Market Downturn

In light of the current market turmoil, Binance is reviewing several proposals from cryptocurrency businesses, according to CEO Changpeng Zhao. In an interview with Yahoo Finance on Friday, Zhao explained that Binance was constantly seeking methods to support failing crypto startups, whether through loans, minority investments, or majority purchases. Zhao said, “We look at all of that. We’re looking at [five to one hundred] deals,” “Everyone knows we have the largest cash reserve in the industry. Everyone’s talking to us.” Binance Would Only Publicize Agreement He stated that the business has already reached agreements on several deals but added that Binance would only publicize agreements with significant companies due to the privacy of smaller firms. “We don’t need to announce that the projects are near bankruptcy if they can recover on their own, only taking loans or minority investment.” Many crypto enterprises are under pressure as a result of the market collapse. Some businesses, including CoinFLEX and Babel Finance, have suspended Withdrawals, which gave the reasons “extreme market conditions” and “exceptional liquidity strain,” respectively. Some businesses have been forced to fire employees, while others have declared bankruptcy. The guidelines should lay out “the amount of required transparency in disclosure” because he said some companies stopped communicating with investors when things went wrong. Zhao stressed the...