CZ Denies YZi Labs Plans for External Investment Fund

Binance co-founder Changpeng "CZ" Zhao refuted a Financial Times report suggesting YZi Labs might seek external investors.
Zhao dismissed the report as false, stating on X that YZi Labs is not raising external funds.
The report claimed YZi Labs, rebranded from Binance Labs, might convert into an investment fund.
Zhao clarified his past legal issues, noting he pleaded to a single violation of the Bank Secrecy Act related to inadequate anti-money laundering programs.
Ella Zhang, head of YZi Labs, also denied the report's claims about raising external funds.
YZi Labs focuses on investing in startups within Web3, AI, and biotech, differing from traditional family offices focused on estate planning.