The world’s largest crypto exchange by volume is reportedly cutting ties with its multi-billion dollar investment arm.
According to a new one report by Bloomberg Since taking over from disgraced Binance co-founder Changpeng Zhao, Binance CEO Richard Teng has pushed Binance Labs – the crypto exchange’s investment arm – into a separate company.
Disclaimer text found it Binance Lab’s official website states that the $10 billion investment firm is not part of Binance.
“Binance Labs is an independent company and is not part of the Binance Group, nor is it involved in any of the companies operated by the Binance Group (including but not limited to the Binance cryptocurrency exchange). Binance Labs is licensed by Binance to use its trademark, but has no other relationship with the Binance Group.”
Binance Labs investment director Alex Odagiu also told Bloomberg that Binance Labs “is not part of the Binance Group.”
According to Odagui, Binance Labs’ primary focus has always been “identifying projects and investing in them.”
“It has largely been our focus since founding Binance Labs, which we started as a team in 2018.”
Teng took over as CEO of Binance late last year after Zhao pleaded guilty to failing to comply with adequate anti-money laundering protocols and resigned from his position. He is currently awaiting sentencing.
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Featured image: Shutterstock/KumaSora