CZ Denies Allegations that YZi Labs Will Open to Investors

Changpeng Zhao's Statement

Binance co-founder Changpeng 'CZ' Zhao has denied a report in the Financial Times suggesting that YZi Labs may open to outside investors. "YZi Labs is not raising external funds," Zhao said, calling the report "fake news."

False Statement and AI'i Labs' Structure

Zhao also disputed the report's characterization of Binance's guilty plea in 2023 as "criminal cases related to money laundering." "I was only found guilty of violating the BSA law by failing to maintain an adequate anti-money laundering program," Zhao said. The report also cited an interview with Ella Zhang, president of YZi Labs. "The Financial Times headline states that YZi Labs has a plan to raise funds from outside investors, which is false," Zhang said in a statement. We have no such plans."

Role and Objectives of YZi Labs

YZi Labs has taken on a more active role following Zhao's release from prison after rebranding as Binance Labs earlier this year. YZi Labs is referred to as an investment firm owned by Zhao's family, but its structure is different from a traditional family office, he said. It aims to support high-impact startups in Web3, artificial intelligence and biotechnology, rather than adult planning, tax structuring and generational capital preservation.