The spectacular implosion of FTX initially did little good to the crypto industry. However, Binance CEO Changpeng Zhao is optimistic about the future and believes the industry is "healthier" right now than it was before the stock market crash. For 2023, Zhao expects better times for bitcoin (BTC) and the rest of the market

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Binance CEO expects crypto to recover quickly

At the Binance event in Athens, Greece, Zhao indicated that he expects a market recovery before 2023. “I think 2022 was a very tough year for the industry, too much has happened in the past six months. Now the industry is healthier,” Binance CEO said.

However, he refuses to make specific predictions. That in itself makes sense because initially no one had seen the implosion of FTX coming. “The trick for us is to keep a close eye on the industry and support those who are doing good development,” said Zhao.

To boost confidence in the industry, Binance recently launched an emergency fund for crypto companies facing liquidity issues. The idea of ​​the emergency fund is to support parties that normally have a thriving business during the difficult moments caused by players like FTX.

CZ doesn't have a good word for FTX

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Incidentally, Zhao did not have a good word for FTX and its founder Sam Bankman-Fried during the event in Athens. “FTX is like Madoff. It is lying and was a pyramid scheme. But the fact that FTX was a bad party doesn't mean every company in the industry is bad," Zhao continued.

Binance launched its so-called Proof-of-Reserves earlier this week. Although not everyone was satisfied with the way Binance did it. Jesse Powell, the CEO of the crypto exchange Kraken, believes that a Proof-of-Reserves is not complete without also including the debts of an exchange platform.

However, Zhao indicates that Binance is currently in a solid position and that the company is mainly focused on growing the market, rather than maximizing profits. “We have enough turnover today. We are not trying to maximize profits. We want to be sustainable,” said Zhao.

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