Binance’s founder and former CEO, Changpeng “CZ” Zhao, is taking on a larger role at his company after serving four months in U.S. prison on money laundering charges.
The billionaire crypto mogul is set to take an “active role” in investment activities at Binance Labs, the crypto exchange’s capital and incubator unit, according to an announcement on Tuesday.
The move is part of an overall shift in focus for Binance Labs, which will be rebranded as YZi Labs and expand its investment interests beyond crypto to the AI and biotech sectors. A play on the Binance co-founders' names, YZi Labs is now "purely a family office investment vehicle," Zhang said in an interview.
“It is fitting to step away from the Binance brand name as it expands its investment focus, moving beyond crypto and blockchain to include Artificial Intelligence (AI) and biotechnology (biotech), while remaining steadfastly dedicated to advancing Web3 innovation,” the company wrote.
It is unclear what Zhao's official title will be at the rebranded organization. On the organization's site, he is named as an "intern."
Former head of Binance Labs, Ella Zhang, will also return to the firm in the same role as head of YZi Labs. Zhang and Zhao co-founded Binance Labs in 2018.
Binance Labs was among the most influential venture firms in crypto, having invested in CertiK, Dune Analytics, Elrond, Injective, Nym and Polygon, among others. YZi will now offer a 12-week residency to projects it is incubating.
In late 2023, Binance pled guilty to violating the Bank Secrecy Act and failing to register as a money-transmitting business. Zhao, a Canadian national, also pled guilty to failing to maintain effective anti-money laundering practices. The U.S. Department of Justice accused the firm of allowing money to flow to countries including Russia, Iran and Cuba.
The firm paid over $4 billion to resolve the Justice Department’s investigation. Zhao agreed to resign from Binance and pay a $50 million fine as part of a guilty plea to U.S. federal charges.
A number of crypto company founders, including Coinbase CEO, have invested in the biotech industry.
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