Key Takeaways
- CZ has denied FT reports about YZi Labs considering external fundraising.
- The Binance co-founder accused FT of publishing false narratives and misinformation.
- FT framed YZi as shifting from a family office to a broader investment fund.
Binance co-founder Changpeng Zhao (CZ) has pushed back strongly against a Financial Times report suggesting that YZi Labs, his $10 billion venture capital firm, is preparing to raise money from outside investors.
CZ Pushes Back Against FT Report
The Financial Times article portrayed YZi Labs—rebranded earlier this year from Binance Labs—as evolving from a family office managing CZ’s fortune into an externally facing investment vehicle.
Citing interviews and unnamed sources, the FT claimed regulatory discussions and investor interest signaled a potential expansion plan.
On X, Zhao rejected those claims outright. He called the article “fake news” built on “cooked-up info” and said YZi Labs has never pitched external investors.
“There is no demo. WTF is a demo for a fund? There is no pitch deck for YZi Labs ever. Not even the preparation of one,” Zhao wrote. “There has been no demo, no communications with Chairman Paul Atkins from YZi Labs or me.”
Clarifying YZi Labs’ Role
Zhao also pushed back on the FT’s framing of his U.S. plea deal, saying his conviction was for a single violation of the Bank Secrecy Act—not money laundering, as characterized in the report.
“Police failure is not the same as stealing,” he said. “The traditional media keep on intentionally mixing up two very different things.”
YZi Labs, founded in January 2025, manages CZ’s estimated $80 billion fortune alongside funds from Yi He and early Binance executives.
The firm has stakes in more than 250 projects including Polygon, Aptos, and CertiK.
Led by Ella Zhang, YZi has expanded beyond crypto to AI and biotech, positioning itself as a high-conviction venture investor.
While FT argued that the rebrand marked a shift toward becoming a full-scale investment fund, Zhao stressed YZi remains independent of Binance and operates strictly as a private venture platform.
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Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
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