Binance Targets $1B Industry Recovery Fund for Distressed Crypto Assets and Raises Concerns About Rival Coinbase

Binance will follow a "loose structure" for the fund where different industry players can contribute as they wish, Zhao said. Contributors will have to send funds to a blockchain address that the public can view, he added.

A detailed blog post about the fund is expected to be published soon.

Zhao also raised concerns about rival Coinbase, according to The Block. He said Coinbase's financials are not on a blockchain, "which is actually the most transparent way to display information." Zhao's comments came in response to a now-deleted tweet where he questioned Coinbase Custody's bitcoin holdings. 

However, CZ explained that after FTX's downfall, there will be "a little bit" more contagion, but the overall industry is "fine".