Binance co -founder Changpen “CZ” Zhao has rejected a report from the Financial Times that said Yzi Labs could be opened to external investors.
Zhao said the Tuesday report was “fake news … with fake/wrong/compound info and negative tale”, in a post on X.
“As far as I know … Yzi Labs does not travel an external fund,” Zhao wrote.
The report had said that Yzi Labs, redirected from Binance’s Venture Arm Binance Labs at the beginning of this year, is “open to the possibility of converting to an investment fund.”
Zhao also exempted the report’s characterization of Binance’s guilty plea from 2023. Which led him to step down as CEO and spent four months in prison last year, as “criminal charges related to money laundering.”
“I ask for a single violation of BSA, failure to maintain a sufficient program against money laundering,” he wrote.
The report quoted an interview with head of Yzi Labs Ella Zhang. Zhang also rejected the report on X. “FT heading, which suggests that Yzi Labs is planning to get external LP money is false. We have no such plan,” she wrote.
Yzi Labs redirected from Binance Labs after Zhao’s release from the prison, where Binance co-founder took a more active role. Yzi labs are often referred to as Zhao’s family office, as it is an investment vehicle for Zhao’s money.
However, Yzi Labs says its structure differs from a traditional family office. “Yzi labs hills starting up high impact that drives web3, AI and
Biotech. Family Office’s focus is more on real estate planning, tax structure and
Generation Capital Conservation, “it said IE -Mail -factable.
