Binance Labs, the former investment arm of exchange giant Binance, is getting a major revamp with a new name, YZi Labs, and former Binance CEO Changpeng “CZ” Zhao will be closely involved in operations, the company announced on Thursday.
The rebrand means the investment firm moves from the exchange’s venture capital arm to the family office of CZ and Binance co-founder Yi He, Bloomberg reported.
“Under this rebranding, [CZ] will take a more active role in investment activities, interacting directly with founders and offering mentorship and coaching,” YZi Labs said in an X post. The firm is also expanding its investment focus beyond web3 into artificial intelligence and biotechnology.
Zhao co-founded and led Binance to become the world’s leading crypto exchange by trading volume. Last April, Zhao was sentenced to four months in prison for violating the Bank Secrecy Act (BSA) by failing to establish a proper know-your-customer (KYC) program at Binance. As part of his guilty plea, he agreed to pay a $50 million fine and resign as CEO of the crypto exchange. He was released in September.
Read more: Released from prison, Binance founder CZ receives ovation in Dubai and talks new educational company
