The co-founder of Binance, Changpeng “CZ” Zhao, refuted a report by the Financial Times which said that Yzi Labs could be open to external investors.
Zhao said Tuesday’s report was “false news … with false / erroneous / invented information and a negative story”, in an article on X.
“As far as I know … Yzi Labs does not bring external funds,” wrote Zhao.
The report said that Yzi Labs, who had been renamed from the Binance Binance Binance laboratories at the start of this year, is “open to the possibility of converting into investment funds”.
Zhao also opposed the characterization of Binance’s guilt of guilt in 2023. This led him to resign as CEO and spend four months in prison last year, such as “criminal accusations linked to money laundering”.
“I plead for a single BSA violation, not maintaining an adequate program to combat money laundering,” he wrote.
The report cited an interview with the head of Yzi Labs Ella Zhang. Zhang also refuted the report on X. “The title FT suggesting that Yzi Labs plans to collect external LP money is false. We do not have such a plan,” she wrote.
Yzi Labs was renamed from Binance Labs after the release of Zhao in prison, the co-founder of Binance playing a more active role. Yzi Labs is often called Zhao family office in that it is an investment vehicle for Zhao’s money.
Yzi Labs, however, says that its structure differs from a traditional family office. “Yzi Labs supports high impact startups stimulating growth in web3, AI and
Biotech. The emphasis placed by families is more on inheritance planning, tax structuring and
Preservation of generational capital, “he said in the information sheet sent by e-mail.
