TLDR:
- Binance Labs, the venture capital arm of cryptocurrency exchange Binance, has become independent from the Binance Group.
- The spinoff occurred after Richard Teng took over as CEO in November.
Binance Labs, under new CEO Richard Teng, spun off from the Binance Group earlier this year. The venture capital firm, with a valuation of $10 billion, has a portfolio of around 250 companies, including Polygon and Chiliz. Binance Labs declared itself as an “independent venture” not directly affiliated with Binance. The move is seen as a step towards regulatory compliance, especially following the legal issues faced by former CEO Changpeng Zhao. The spinoff was in line with Teng’s background in regulatory authorities like the Financial Services Regulatory Authority and the Monetary Authority of Singapore.
