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Binance's CZ Returns to Rebranded Binance Labs as Investor
CZ is done sitting on the sidelines after his brief prison term.
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Former Binance CEO Changpeng Zhao is returning to the realm of crypto, now taking a hands-on “investment” role at YZi Labs (formerly Binance Labs) following his four-month U.S. prison term.
What’s the scoop?
- CZ’s Role: While his official title is unclear, CZ will offer investment advice and guidance to startups via YZi Labs, which has rebranded as a family office investment vehicle that goes beyond just crypto, to AI and biotech as well.
- Ella Zhang Returns: Ella Zhang, co-founder of Binance Labs in 2018, will lead YZi Labs, reprising her former position as head of the venture firm.
- Legal Backdrop: Zhao served four months in prison on money laundering charges; Binance paid over $4B in fines as part of its settlement with the U.S. Department of Justice.
Bankless Take
We shouldn’t have expected CZ to sit on the sidelines for long. This rebrand looks to be paving the way for him to remain involved in crypto while still shifting his focus elsewhere to other frontier technologies such as AI and biotech. With the intermingling of industries already, investment across all areas makes sense, especially from an individual who’s been at the helm of crypto’s development. At a time when the regulatory landscape is in the midst of a major upheaval, now stands to be an opportune time to get involved with cutting-edge technology.