Ex-Binance CEO CZ Denies Financial Times Claims About YZi Labs Fund

Former Binance CEO Changpeng Zhao (CZ) is at the center of controversy following a Financial Times report about his Web3 and AI venture, YZi Labs.

CZ Responds to Financial Times Report

The report claimed CZ plans to open a $10 billion portfolio to outside investors, which he denies.
Ella Zhang from YZi Labs acknowledged interest from potential investors, mentioning SEC Chair Paul Atkins' request for a demonstration.
The report stated 70% of YZi Labs' portfolio is digital assets, with over 50 token proposals reviewed over the summer.
CZ labeled the report as "false news" and denied raising an external fund or planning any demonstrations.
CZ clarified there has never been a pitch deck or external investment discussions for YZi Labs post-rebranding.

CZ emphasized that YZi Labs operates independently from Binance and was not spun out due to legal issues in November 2023.
He addressed regulatory concerns, stating he was cited for a single violation related to the Bank Secrecy Act, not money laundering.
CZ accused traditional media of misrepresenting his legal situation.
The Financial Times reportedly promised positive coverage in exchange for an interview, which CZ declined.

Binance

At present, Binance Coin trades above $1,000, having gained 15% this month.