Binance, the world’s largest cryptocurrency exchange, is reportedly separating itself from its investment arm, Binance Labs.
Separate Company
According to Bloomberg, Binance CEO Richard Teng has moved Binance Labs into a separate company since taking over from former co-founder Changpeng Zhao. Binance Labs’ website now states that it is an independent venture and not part of the Binance Group.
Investment Focus
Binance Labs’ investment director, Alex Odagiu, confirmed that the firm is “not part of the Binance Group.” He emphasized that Binance Labs’ focus has always been on identifying and investing in projects.
Background
Teng became Binance’s CEO late last year after Zhao pleaded guilty to failing to maintain adequate anti-money laundering protocols and stepped down. Zhao is currently awaiting sentencing.
