Binance founder Changpeng "CZ" Zhao has publicly denied a Financial Times report claiming YZi Labs might accept external investors for a potential $10 billion fund. Zhao labeled the report as "false news" containing fabricated information in a social media post.
"As far as I know, YZi Labs is not raising an external fund," Zhao stated emphatically on X platform. The report had suggested the investment vehicle, rebranded from Binance Labs earlier this year, was considering converting into an investment fund open to outside capital.
YZi Labs head Ella Zhang also contradicted the Financial Times story, confirming "We have no such plan" regarding external limited partner fundraising. The clarification comes as YZi Labs operates primarily as Zhao's personal investment vehicle focusing on Web3, AI, and biotech startups, distinguishing itself from traditional family offices that concentrate on wealth preservation strategies.
Additionally, Zhao corrected the report's characterization of his 2023 legal situation, emphasizing he pleaded to a single Bank Secrecy Act violation rather than money laundering charges.