Bloomberg reports that Binance’s CEO Changpeng "CZ" Zhao is seeking cash from investors in Abu Dhabi for the exchange’s crypto recovery fund.
According to the report, Zhao has held several meetings with potential backers of the fund.
Zhao has talked with entities affiliated with the United Arab Emirates National Security Adviser Sheikh Tahnoon Bin Zayed, according to the report.
Binance announced its plans to start a recovery fund earlier this month, to help projects with strong fundamentals but suffering a liquidity crisis.
Details of the fund are yet to be disclosed.