tl;dr
According to a new report by Bloomberg, the world’s largest crypto exchange, Binance, is severing ties with its multi-billion-dollar investment branch, Binance Labs. The investment firm is not part of the Binance Group and operates as an independent venture. Binance Labs’ primary focus is to identif...
According to a new report by Bloomberg, the world’s largest crypto exchange, Binance, is severing ties with its multi-billion-dollar investment branch, Binance Labs. The investment firm is not part of the Binance Group and operates as an independent venture. Binance Labs’ primary focus is to identify and invest in projects. The CEO, Richard Teng, took over after the co-founder pled guilty to failing to maintain adequate anti-money laundering protocols.
The world’s largest crypto exchange by volume is reportedly severing ties with its multi-billion-dollar investment branch. 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 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.” 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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