Binance founder Changpeng "CZ" Zhao has vehemently refuted a Financial Times report suggesting that his family office, YZi Labs, was actively seeking to raise capital from external investors. The prominent crypto figure dismissed the claims as "fake" and inaccurate, clarifying the true nature and intentions behind his investment vehicle.
CZ's Firm Stance Against Fundraising Claims
According to the Financial Times, YZi Labs, valued at an estimated $10 billion, was considering evolving into a fund open to third-party investors. However, CZ quickly countered these assertions, stating unequivocally that YZi Labs remains a private entity dedicated solely to managing his personal wealth. He emphasized the absence of any demo, pitch deck, or fundraising roadmap, and denied that the firm has sought outside investors or engaged in discussions with regulators or financial figures mentioned in the report. Zhao characterized the article as containing "made-up info and negative narratives," also taking issue with what he perceived as a misrepresentation of his U.S. legal settlement, which related to anti-money laundering shortcomings rather than fraud.
YZi Labs' True Mandate and Independence
Founded in January, YZi Labs was established to manage Zhao's personal fortune following his departure as Binance CEO in November 2023. Co-run with Binance co-founder Yi He, the family office actively scouts investments across diverse sectors, including Web3 startups, artificial intelligence, and biotechnology. Importantly, CZ clarified that YZi Labs operates as an independent investment house and has not been spun out of Binance, directly contradicting the FT's suggestion. This public dispute underscores Zhao's ongoing efforts to clearly delineate his personal ventures from Binance's compliance history, as he navigates his post-Binance career under intense media scrutiny.
