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Changpeng Zhao (CZ) has strongly denied a Financial Times report claiming that YZi Labs might open its $10 billion portfolio to external investors.
CZ Rebuts Financial Times Report on YZi Labs
Binance co-founder and former CEO Changpeng Zhao (CZ) has strongly refuted a Financial Times report suggesting that YZi Labs may eventually open its $10 billion portfolio to external investors. CZ, who said he first saw the report on social media, dismissed it as “complete false news” based on “fake, made-up info and negative narratives.”
In a post on X, CZ emphasized that YZi Labs is not raising an external fund and has “not sought a single external investor” since its rebranding. He also denied claims that the firm held a “demo” to showcase startups backed by the venture fund.
The Financial Times report stated that the U.S. Securities and Exchange Commission (SEC) had contacted YZi Labs after its chairman, Paul Atkins, missed a demo day at the New York Stock Exchange. While YZi Labs head Ella Zhang was quoted as confirming future plans to make the fund externally accessible, she clarified that “it’s not there yet.”
Responding to these claims, CZ firmly denied any communication with Chairman Atkins.
“There has been no demo, no communications with Chairman Paul Atkins from YZi Labs or me. I do respect Chairman Atkins tremendously, just from all the public info I see,” CZ stated.
CZ Clarifies Legal Issues and Media Interactions
He also addressed the report’s reference to his legal case, clarifying that he pleaded guilty to a single violation of the Bank Secrecy Act—specifically, failing to maintain an adequate anti-money laundering program. CZ argued that characterizing this as a “money laundering” violation is misleading.
Meanwhile, CZ stated that the Financial Times had been seeking an interview with him, which he initially agreed to. However, he later withdrew at the last minute because he had commitments elsewhere.
“FT tried for a long time to lure me to a lunch interview, promising it will be a positive coverage. I almost did it last week, but I was busy last minute, so Ella had lunch with them first, and this is what came out,” the Binance co-founder exclaimed.