CJ - Cryptocurrency Specialist
Binance CEO Changpeng Zhao revealed in an interview with Yahoo Finance that the company is now reviewing 50 to 100 applications from cryptocurrency businesses considering recent market turbulence. The CEO continued that the cryptocurrency exchange platform was working on loans, minority investments, majority acquisitions, and other plans to assist failing cryptocurrencies. “Without a doubt, we take everything into account. We're thinking about five to one hundred transactions," Zhao said. “Our leading cash reserve in the sector is well known to everyone. Everybody is speaking to us.”
Zhao stated that the business has already reached agreements on several transactions with major corporations, but added that Binance will only publicize relationships with major corporations due to the privacy of smaller corporations.
Numerous cryptocurrency businesses are struggling as a result of the market meltdown. It was announced that Celsius Network, a well-known Bitcoin lending platform, will be liquidated by BitMEX. The cryptocurrency hedge fund is struggling as a result of Terra's bankruptcy and the resulting turmoil in the cryptocurrency market.
Additionally, 3AC hasn't complied with margin calls. The information on the liquidation was disclosed and confirmed by a Bitmex spokesman to the news outlet The Block. The spokeswoman confirmed that the money in the fund was collateralized debt and not client money. These comments were made by the CEO of Binance at a time when the Bitcoin price was drastically falling. In his speech, Zhao stressed the importance of specific regulatory rules for various sorts of cryptocurrency enterprises. He said the criterion should include, for example, "the level of needed openness in disclosure," because numerous companies stopped communicating with investors after their operations declined.
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