Binance Labs, the investment arm of the world’s largest crypto exchange Binance, has become an independent entity and severed some ties with parent crypto exchange Binance, as per a recent report by Bloomberg.
Crypto Exchange Binance Separates Binance Labs
Crypto exchange Binance made one of the notable developments in the crypto market amid the heightened regulatory scrutiny and the ongoing lawsuit against the U.S. Securities and Exchange Commission (SEC). Binance silently spin-off its $10 billion venture capital arm Binance Labs earlier this year, reported Bloomberg on March 15.
After Changpeng “CZ” Zhao stepped down as Binance CEO last year, it’s one of significant development in new chief executive officer Richard Teng’s four-month-old tenure.
“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,” as per new terms of use.
In addition, Binance Labs has also severed some ties with the Binance group, according to a Binance Labs spokesperson. Moreover, employees of Binance Labs now have separate contracts and systems as compared to Binance crypto exchange staff, the spokesperson added. This new move is quite similar to the Binance-backed blockchain BNB Chain.
Binance Labs Investment Director Alex said:
“Our primary goal is to identify projects and invest in them and this has not changed. It’s been our focus for the most part since the inception of Binance Labs, which we started as a team in 2018.”
Also Read: Crypto Market Selloff — Top Reasons Why Bitcoin, ETH, XRP, ADA, SHIB Crash Today
The post Breaking: Binance Labs Sever Ties With Crypto Exchange Binance appeared first on CoinGape.
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