Outside Source
Crypto venture giant Binance Labs has quietly become an independent entity from the trading platform, a report says.
Crypto exchange Binance has quietly made its $10 billion venture capital arm Binance Labs an independent entity, marking one of the first big developments in the company since Richard Teng took over as Binance’s new CEO, Bloomberg reports, citing a spokesperson at the venture entity.
A spokesperson from Binance Labs confirmed this shift, stating that the staff at Binance Labs now operate under separate contracts from exchange employees, akin to the setup at Binance-backed digital ledger BNB Chain.
While the exact motivations behind the move remain undisclosed, Binance Labs Investment Director Alex Odagiu emphasized that the entity is no longer affiliated with the broader Binance group. However, Odagiu mentioned that Binance Labs will retain its licensing agreement to use the Binance brand.
The latest development comes after Binance reached a plea deal in November 2023 with U.S. agencies, which resulted in a staggering $4.3 billion penalty and led to the removal of Binance’s founder, Changpeng Zhao, as CEO.
However, despite the latest changes, Binance Labs intends to continue to operate as usual. The venture arm remains actively involved in the crypto space, having invested in approximately 250 projects to date, including Sky Mavis, Aptos Labs, LayerZero, Polygon, The Sandbox, and the recently unveiled hybrid crypto exchange Blum, which boasts former Binance executives among its co-founders.
This article first appeared at crypto.news
