Zhao Changpeng: Binance has received about 5,200 transaction proposals from other crypto companies

Binance is actively looking for ways to help struggling crypto companies.

Its CEO Changpeng Zhao said in an interview with Yahoo Finance on Friday that during the recent market downturn, Binance received 5,200 deal proposals from other crypto companies, and the deals under consideration included loans, minority investments or majority acquisitions.

Zhao Changpeng said: "Everyone knows that we have the largest cash reserves in the industry. They are all talking to us. We have seen 5,200 transaction proposals and will definitely consider them carefully."

The crypto market is in free fall, with the total market value evaporating by about $2 trillion in a few months. According to Bitpush terminal data, Bitcoin peaked at $67,000 in November 2021 and is currently hovering around $20,000.

The market downturn has put pressure on many crypto companies. Some, including CoinFLEX and Babel Finance, have suspended withdrawals, citing “extreme market conditions” and “unusual liquidity pressures,” respectively.

Amid the chaos, some players are thriving, including Binance, the world’s largest cryptocurrency exchange. While other peers such as Coinbase are laying off employees, Binance is on a hiring spree.

Zhao Changpeng revealed that some deals have been agreed upon, while adding that Binance will only announce agreements with large companies, citing privacy protections for smaller companies. “If these projects can recover on their own, with just a loan or a minority investment… we don’t need to publicize that they are on the verge of bankruptcy,” he said.

Zhao Changpeng stressed the importance of establishing clear regulations for different types of crypto businesses. He said the guidelines should lay out the “transparency required for disclosure” because some companies stop communicating with investors when things go bad.

As Binance considers whether it could possibly play the role of a “savior” for crypto companies, exchange FTX has already taken action.

BitTorrent previously reported that FTX provided a $250 million revolving credit line to the troubled BlockFi and was considering an acquisition.