Ex-Binance CEO CZ Criticizes FT Report On YZi Labs, Calls It A ‘Negative Narrative’

Former Binance CEO Changpeng Zhao, commonly known as CZ, has found himself at the epicenter of a new controversy following a recent report by the Financial Times regarding his Web3 and artificial intelligence (AI) venture, YZi ￰0￱ Denies Financial Times Report The report suggested that Zhao was planning to open a substantial $10 billion portfolio to outside investors, a claim that has sparked a vigorous denial from the former executive of the world’s largest cryptocurrency ￰1￱ Reading: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump? According to the Financial Times, Ella Zhang, head of YZi Labs, acknowledged strong interest from potential investors, even mentioning that US Securities and Exchange Commission (SEC) Chair Paul Atkins had requested a private demonstration of the fund’s ￰2￱ Financial Times report indicated that approximately 70% of YZi Labs’ portfolio consists of digital assets, with more than 50 token proposals reviewed over the summer.

However, the former Binance executive took to social media platform X (formerly Twitter) to vehemently dispute the Financial Times’ claims, labeling the report as “complete false news” filled with what he described as “fake, wrong, and made-up information.” Zhao made several specific assertions in his ￰3￱ stated that YZi Labs is not currently raising an external fund, nor is there any planned demonstration for ￰4￱ expressed confusion over the concept of a “demo” for a fund and clarified that there has never been a pitch deck for YZi Labs, nor has the organization pursued any external investment discussions since its ￰5￱ Labs Not Linked To Binance In his response, CZ further stated that YZi Labs operates independently from cryptocurrency exchange Binance and refuted claims that it was “spun out” of the exchange after his legal troubles with US authorities in November ￰6￱ regulatory concerns, Zhao pointed out that he has only been cited for a single violation related to the Bank Secrecy Act, which he clarified involved a failure to maintain an adequate anti-money laundering ￰7￱ sated: I plead to a single violation of BSA, failure to maintain an adequate ANTI-money laundering ￰8￱ to what FT characterized as “money laundering” ￰9￱ Reading: Why Aren’t Institutions Adopting XRP ‘Massively’?

Pundit Answers The former Binance CEO stressed that his legal situation should not be conflated with accusations of money laundering, a distinction he feels is often misrepresented in traditional ￰10￱ also noted that the Financial Times had previously attempted to arrange a lunch interview with him, promising positive ￰11￱ canceling the meeting, he expressed his regret about the situation, suggesting that the resulting article was not the narrative he had hoped ￰12￱ the time of writing, Binance’s native token, Binance Coin (BNB), trades above the $1,000 milestone, recording gains of 15% during this month’s ￰13￱ image from BBC, chart from ￰14￱