Cryptocurrency exchange Binance spun off its venture capital arm, Binance Labs, earlier this year, among one of the most notable actions of new CEO Richard Teng, who replaced Changpeng “CZ” Zhao in November, Bloomberg reported Friday.
Binance Labs has a disclaimer on its website saying it is “an independent venture and not part of the Binance Group.” The firm “is licensed by Binance to use its trademark but otherwise have no other relationship with the Binance Group.”
Teng took over after Zhao, who co-founded the company, pled guilty to charges of breaking sanctions and money-transmitting laws in the U.S. The appointment was seen as a sign of a steer toward greater regulatory compliance at Binance given his background working for the Financial Services Regulatory Authority at Abu Dhabi Küresel Market (ADGM) and the Monetary Authority of Singapore (MAS).
Binance did not respond to CoinDesk’s request for further comment on the matter.