Binance, BitMEX and KuCoin have delisted FTX Token pairs from their crypto exchange platforms.

Crypto exchange OKX on Monday announced $100 million in recovery funds to support projects with liquidity issues and to migrate from Solana. Binance CEO “CZ” earlier announced a similar industry recovery fund as the crypto market continued to drag lower amid the FTX crisis.

Changpeng Zhao (CZ), the founder and CEO of Binance, revealed on Monday that Ethereum co-founder Vitalik Buterin is on the cusp of developing a proof-of-reserves protocol, in which Binance would serve as its first test case.

Cryptocurrency exchange Binance is forming an industry recovery fund to “reduce further cascading negative effects of FTX,” said CEO Changpeng Zhao (CZ). “As an industry, we need to increase transparency,” the executive stressed. “We need to work very closely with regulators all around the world to make this industry more robust.”

The past 24 hours have been quite dynamic in terms of pricing on the cryptocurrency market. Bitcoin dropped below $16K, only to soar back toward $17K later, followed by the rest of the cryptocurrencies.

The CEO of Binance, Changpeng Zhao, revealed that his company will form an industry recovery group in a bid to reduce the negative effects associated with the fallout of FTX.

Binance CEO Changpeng "CZ" Zhao says that his exchange is setting up an industry recovery fund to help rebuild the industry.

Self custody is a fundamental human right.You are free to do it at any time.

“From a financial perspective, there is a big hole. From new users, we have very high overlaps. We cover all the regions they cover and they have much less users than us. From a technology or product perspective, I think we have a superior product. They don’t have anything we don’t have.”

The Binance Labs Incubation Program is a chain-agnostic initiative that aims to empower innovative blockchain projects to shape the future of Web3.