CZ, YZi Labs Refute Report of Opening $10B Investment Company to External Investors

Core Viewpoint - Binance co-founder Changpeng "CZ" Zhao has denied a Financial Times report suggesting that YZi Labs is open to external investors, labeling it as "false news" and asserting that YZi Labs is not raising external funds [1][2]. Group 1: YZi Labs and External Funding - The Financial Times report claimed that YZi Labs, which was rebranded from Binance Labs, is considering converting into an investment fund [2]. - Both Zhao and YZi Labs head Ella Zhang have refuted the report, stating there are no plans to raise external limited partner (LP) money [2][3]. Group 2: Zhao's Legal Issues - Zhao criticized the report's portrayal of his 2023 guilty plea, clarifying that it was related to a single violation of the Bank Secrecy Act (BSA) regarding anti-money laundering, rather than criminal charges [2]. Group 3: YZi Labs Structure - YZi Labs distinguishes itself from a traditional family office, focusing on backing high-impact startups in sectors like Web3, AI, and biotech, rather than on estate planning or generational capital preservation [4].