The world’s largest cryptocurrency exchange Binance has parted ways with its investment firm Binance Labs.
According to a report by Bloomberg, Binance parted ways with Binance Labs in early 2024. Details conveyed by a Binance Labs spokesperson indicate that Binance Labs is no longer a part of the Binance Group.
However, Binance Labs will still be able to use its name rights and the Binance brand. The decision is said to have been made by Binance’s new CEO Richard Teng, and it was emphasized that Binance Labs staff now have separate contracts from the exchange employees.
Speaking about the issue, Binance Labs Investment Director Alex Odagiu included the following notable statements:
We are no longer a part of the Binance group as Binance Labs. Our future operations will be conducted independently of the Binance Group.
Binance Labs had invested over $10 billion to a total of 250 different crypto projects in recent years.
