TLDR:
- Binance’s venture capital arm, Binance Labs, has become independent with a valuation of $10 billion.
- The move comes amidst increased regulatory scrutiny and leadership changes at the exchange.
The top cryptocurrency exchange, Binance, has spun off its venture capital arm, Binance Labs, with a valuation of $10 billion. This move, led by the new CEO Richard Teng, marks a significant shift in the company’s operations. Binance Labs will continue to use the Binance brand but will operate independently. The venture capital arm is an investor and incubator for early-stage projects, with a portfolio of around 250 projects. However, tensions have escalated between Binance and the Nigerian government, leading to the termination of all Nigerian naira services on the platform. The government has demanded nearly $10 billion in compensation from Binance over allegations of currency manipulation. This dispute underscores the challenges of regulatory scrutiny in the cryptocurrency industry, with calls for bans on platforms like Binance and KuCoin. Despite the allegations, Binance has defended its operations, denying any attempts to influence currency pricing.
