Binance Labs, the ancient investment arm of the Binance exchange giant, receives an important renewal with a new name, Yzi Labs, and the former executive director of Binance, Changpeng “CZ” Zhao, will be closely involved in operations, announced the company Thursday.
The brand change means that the investment firm goes from being the risk capital arm of the stock market to the CZ family office and the co -founder of Binance, Yi He, Bloomberg reported. Binance split Binance Labs in a separate company last year.
“Under this brand change, [CZ] It will assume a more active role in investment activities, interacting directly with the founders and offering tutoring and training, “said Yzi Labs in an X publication. The firm also expands its investment approach beyond web3 towards artificial intelligence and the biotechnology.
Zhao co -founded and led Binance to become the main exchange of the world’s encryption by volume of operations. Last April, Zhao was sentenced to four months in prison for violating the Bank Secret Law (BSA) by not establishing an adequate knowledge program of his client (KYC) in Binance. As part of his guilt declaration, he agreed to pay a fine of 50 million dollars and resign as executive director of the encryption exchange. He was released in September.
Read more: released from prison, the founder of Binance, CZ, receives ovation in Dubai and speaks of a new educational company
