The world's largest cryptocurrency exchange by trading volume is reportedly severing ties with its multibillion-dollar investment arm.
Since taking over the reins from disgraced Binance co-founder Zhao Changpeng, Binance CEO Richard Teng has separated Binance Labs, the cryptocurrency exchange's investment arm, according to a new report from Bloomberg. It is said that he was promoted to the company.
A disclaimer on Binance Lab's official website states that the $10 billion investment company is not part of Binance.
“Binance Labs is an independent venture and is not part of the Binance Group or involved in any business operated by the Binance Group, including but not limited to the Binance Cryptocurrency Exchange. Binance Labs is licensed by Binance to use its trademarks, but is not otherwise affiliated with 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’ main focus has been and will continue to be “identifying projects and investing in them.”
“Binance Labs has been our focus for the most part since the founding of Binance Labs, which we launched as a team in 2018.”
Teng became Binance's CEO late last year after Zhao resigned after pleading guilty to failing to maintain adequate anti-money laundering protocols. He is currently awaiting sentencing.
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Featured image: Shutterstock/KumaSora
