Coinspeaker
Binance Quietly Concludes Binance Labs Spinoff as Part of Developments Under New CEO
Major cryptocurrency exchange Binance has separated its $10 billion venture capital arm from the parent company. Binance Labs is now an independent spinoff, operating without ties to the parent company.
According to a Binance Labs spokesperson, the firm’s staff contracts are now independent, different from contracts that govern employees of the exchange. Since the spinoff was completed discreetly, neither party has explained the move towards autonomy. The decision is likely in line with a new mission envisioned by the newly appointed CEO Richard Teng who replaced Changpeng Zhao late last year. The venture arm’s independence is confirmed by a message on its website added this year. The text, at the bottom of the page, reads:
“Binance Labs is an independent venture and not part of the Binance Group nor is it involved in any of the businesses operated by the Binance Group
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