According to Bloomberg’s latest report, the investment arm of Binance, the world’s largest crypto exchange, Binance Labsbegan operating as an independent entity and severed some relationships with main crypto exchange Binance.
Crypto Exchange Binance Separates Binance Labs
The exchange is amid increased regulatory scrutiny and ongoing litigation against the U.S. Securities and Exchange Commission (SEC). crypto- made one of the important developments in the market. It quietly shut down its $10 billion venture capital arm Binance Labs earlier this year, Bloomberg reported on March 15.
It is a significant move that comes during the four-month tenure of new chief executive Richard Teng, following Changpeng “CZ” Zhao, who resigned as Binance CEO last year.
According to the new terms of use, “Binance Labs is an independent venture and is not part of the Binance Group. It is not involved in any business operated by Binance Group (including but not limited to the Binance cryptocurrency exchange). Binance Labs is licensed by Binance to use its trademark, but otherwise has no other affiliation with Binance Group.”
In addition, Binance Labs has also severed some ties with the Binance group, according to a Binance Labs spokesperson. The spokesperson also noted that Binance Labs employees now have separate contracts and systems compared to Binance crypto exchange staff. This new move appears to follow a similar path to Binance-backed blockchain BNB Chain.
Binance Labs Investment Director Alex:
“Our primary goal is to identify projects and invest in them, and this goal has not changed. “As a team, this has been largely our focus since the founding of Binance Labs in 2018.” he stated.
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