The world’s largest crypto exchange by volume is reportedly severing ties with its multi-billion-dollar investment branch.
According to a new report by Bloomberg, since taking the helm from disgraced Binance co-founder Changpeng Zhao, Binance CEO Richard Teng has pushed Binance Labs – the crypto exchange’s investment arm – into a separate company.
Disclaimer text found on Binance Lab’s official website states that the $10 billion investment firm is not a part of Binance.
“Binance Labs is an independent venture and not part of the Binance Group nor is it involved in any of the businesses operated by the Binance Group (including but not limited to the Binance cryptocurrency exchange). Binance Labs is licensed by Binance to use its trademark but otherwise have no other relationship with the Binance Group.”
Binance Labs investment director Alex Odagiu also told Bloomberg that Binance Labs is “not part of the Binance Group.”
According to Odagui, Binance Labs’ primary focus is and always has been “to identify projects and to invest in them.”
“It’s been our focus for the most part since the inception of Binance Labs, which we started as a team in 2018.”
Teng took over as Binance’s CEO late last year after Zhao pled guilty to failing to maintain adequate anti-money laundering protocols and stepped down from the position. He is currently awaiting sentencing.
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Featured Image: Shutterstock/KumaSora
