Taking an important step in the cryptocurrency world, Binance, the world's leading digital asset exchange, quietly separated its $10 billion venture capital arm Binance Labs from its main operations earlier this year.
Binance's $10 Billion Venture Arm Becomes an Independent Entity Under CEO Teng's Leadership
This development marks one of the most significant transitions since Richard Teng took over as Chief Executive Officer four months ago.
Binance Labs has now become independent and severed ties with the broader Binance group, according to a spokesperson from the former unit.
Notably, Binance Labs employees now work under separate contracts, similar to the structure observed on the Binance-backed digital ledger BNB Chain.
Binance Labs Investment Director Alex Odagiu emphasized this autonomy, saying, “We are not part of the Binance group.” Despite the separation, the venture capital arm will continue to license the Binance brand.
The disclaimer added to the Binance Labs website earlier this year clearly states that the startup is independent of the Binance group and its associated businesses.
*This is not investment advice.
