Changpeng Zhao, the Chinese-Canadian CEO of the world’s largest cryptocurrency-trading platform by volume, said the fund would “help projects who are otherwise strong, but in a liquidity crisis” in an effort to stop contagion from the collapse of rival FTX. (The Logic)

Talking point: Not too long ago, it was FTX who was playing the role of the crypto sector’s J.P. Morgan, bailing out struggling crypto firms hit hard by the summer’s crash. That didn’t turn out so well, and Binance’s white knight rescue will likely face more scrutiny. Global exchanges—which typically have little regulatory oversight, unlike their Canadian counterparts—are scrambling to post proof that their reserves are healthy. About 40 per cent of Binance’s holdings are its branded stablecoin and native token, according to a Bloomberg report, although that includes assets owned by both customers and the exchange. Does Binance have the solid financial foundation to pull off the crypto bailout effort FTX couldn’t? The sector had better hope so.