Binance Labs, the former investment arm of exchange giant Binance, is undergoing a major overhaul under a new name, YZi Labs, with former Binance CEO Changpeng “CZ” Zhao being closely involved in the operations, the company announced Thursday.
The rebranding means the investment firm is transitioning from being a venture capital arm of the exchange to the family office of CZ and Binance co-founder Yi He, Bloomberg reported.
“As part of this rebranding, [CZ] will take a more active role in investment activities, engaging directly with founders and providing mentoring and coaching,” YZi Labs said in an article. The company is also expanding its investment focus beyond Web3 towards artificial intelligence and biotechnology.
Zhao co-founded and led Binance to become the world’s leading crypto exchange by trading volume. Last April, Zhao was sentenced to four months in prison for violating the Bank Secrecy Act (BSA) by failing to implement an adequate know-your-customer (KYC) program at Binance. As part of his guilty plea, he agreed to pay a $50 million fine and resign as CEO of the crypto exchange. He was released in September.
Read more: Released from prison, Binance founder CZ receives ovation in Dubai, talks about new educational venture
