The post Binance Spins Off Its Venture Capital, Binance Labs Under Richard Teng appeared first on Coinpedia Fintech News
Binance Labs, the investment arm of the crypto exchange, Binance, has become an independent entity and has severed some ties with the parent Binance, as per a recent report by Bloomberg. Binance silently separates itself from its $10 billion venture capital arm Binance Labs. After Changpeng “CZ” Zhao stepped down as Binance CEO last year, it’s one of the significant developments in the new CEO, Richard Teng’s tenure. In addition, Binance Labs has also severed some ties with the Binance group, according to a Binance Labs spokesperson. Employees of Binance Labs now have separate contracts and systems as compared to Binance crypto exchange staff, the spokesperson added.
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