Binance Allocates Another $1B for Its Crypto Recovery Fund

Binance Allocates Another $1B for Its Crypto Recovery Fund

Crypto exchange Binance has allocated another $1 billion for its industry recovery fund, effectively increasing the size of the fund to over $2 billion. The additional allocation was announced by Binance CEO Changpeng "CZ" Zhao on Friday. The size increase comes a day after CZ said that Binance is targeting $1 billion for its crypto recovery fund. Aptos Labs, Jump Crypto, along with other prominent crypto companies joined Binance's initiative and will contribute $50 million to the fund. The recovery …