CZ Denies Financial Times Report, Refutes Claims on YZi Labs and Binance Links
Changpeng Zhao and YZi Labs executives reject reports of external fundraising, stressing the firm’s independence and accusing the Financial Times of misrepresenting documents and U.S. law.
Fact Check
The statement is strongly supported by the evidence. Source 10 (Wu Blockchain on X) directly states that 'Zhao Changpeng (CZ) responded on X to the Financial Times report,' confirming the denial. Other sources establish the context of the report, which concerned YZi Labs (formerly Binance Labs) potentially opening to outside investors (Sources 6 and 9) and the lab's independent but direct link to CZ (Source 7).
- Reference: 1
Summary
Binance co-founder Changpeng Zhao (CZ) issued an official statement denying media reports that YZi Labs had pursued outside investment. He clarified that YZi Labs has not sought any external funding since its relaunch and operates independently. YZi Labs head Ella Zhang added that portfolio fundraising is distinct from raising capital from limited partners and criticized the Financial Times for misrepresenting documents and misinterpreting U.S. law. Both leaders emphasized the independence of YZi Labs and rejected claims of external fundraising activity.
Terms & Concepts
- Portfolio Fundraising: The process of securing capital for specific investment opportunities or ventures, which differs from raising funds directly from limited partners.
- Limited Partners (LPs): Investors in a venture fund who provide capital but do not participate in daily operations, leaving management to general partners.