Binance founder CZ refutes FT’s claims of fundraising for $10B YZi Labs as ‘fake’

Binance laminitis Changpeng “CZ” Zhao has dismissed arsenic mendacious a Financial Times study claiming that his household office, YZi Labs, was considering raising superior from outer investors.

Zhao said successful a societal media station that the firm, valued astatine astir $10 billion, remains a backstage conveyance for his wealthiness and has nary plans to unfastened to extracurricular backers.

Rebuttal to FT reporting

The FT report, citing YZi Labs main enforcement Ella Zhang, suggested that the steadfast could germinate into a money for third-party investors erstwhile its operations mature. Zhao countered that nary demo, transportation deck, oregon fundraising roadmap exists for the firm, which remains a backstage entity.

He stressed that since its rebranding earlier this year, YZi Labs has not sought a azygous extracurricular investor, nor has it held talks with regulators oregon fiscal figures specified arsenic erstwhile SEC Commissioner Paul Atkins, who was mentioned successful the report.

Zhao characterized the nonfiction arsenic filled with “made-up info and antagonistic narratives,” and said helium did not work the portion himself owed to its subscription paywall but was alerted by commentary connected societal media.

He besides accused the outlet of misrepresenting his ineligible record, noting that his U.S. plea woody related to shortcomings successful anti-money laundering controls alternatively than theft oregon fraud.

YZi Labs’ role

YZi Labs was founded successful January to negociate Zhao’s idiosyncratic luck aft helium stepped down arsenic main enforcement of Binance successful November 2023 arsenic portion of a $4.3 cardinal colony with U.S. authorities.

The household office, co-run with Binance co-founder Yi He, has been scouting investments successful sectors spanning Web3 startups, AI, and biotechnology.

The firm’s activities person drawn scrutiny, fixed Zhao’s high-profile regulatory battles and Binance’s planetary power successful crypto markets. While Zhao remains the largest shareholder successful Binance, helium is barred from holding an enforcement relation astatine the exchange.

Meanwhile, YZi Labs has positioned itself arsenic an autarkic concern location and has not been spun retired of Binance, contrary to FT’s suggestion.

The quality highlights some Zhao’s efforts to region his idiosyncratic ventures from Binance’s compliance bequest and the heightened media attraction astir 1 of the crypto industry’s astir salient figures.

The station Binance laminitis CZ refutes FT’s claims of fundraising for $10B YZi Labs arsenic ‘fake’ appeared archetypal connected CryptoSlate.