YZi Labs, which was spun out of crypto giant Binance in January and manages the money of its Canadian co-founder Zhao, his partner and co-founder Yi He and some early executives, will “eventually consider” converting into a fund that takes external investments, the firm’s head Ella Zhang told the Financial Times. (Financial Times)
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YZi Labs, which was spun out of crypto giant Binance in January and manages the money of its Canadian co-founder Zhao, his partner and co-founder Yi He and some early executives, will “eventually consider” converting into a fund that takes external investments, the firm’s head Ella Zhang told the Financial Times. (Financial Times)
Talking point: The move is yet another step in Zhao’s effort to shed the stigma of a 2023 settlement that saw him step down as CEO of Binance and plead guilty to failing to implement effective money-laundering controls. Zhao is also seeking a pardon from U.S. President Donald Trump and is reportedly in talks with the Department of Justice about dropping a requirement that an independent monitor oversee Binance’s compliance with anti-money laundering and other laws. Binance Labs, Binance’s venture capital arm, rebranded as YZi Labs when it spun out in January and is one of the biggest crypto investors in the world. It also invests in other areas, such as AI and biotech.
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