{"id":11638,"date":"2024-03-15T14:51:49","date_gmt":"2024-03-15T12:51:49","guid":{"rendered":"https:\/\/forklog.com\/en\/binance-spins-off-venture-division-into-independent-entity\/"},"modified":"2024-03-15T14:51:49","modified_gmt":"2024-03-15T12:51:49","slug":"binance-spins-off-venture-division-into-independent-entity","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/binance-spins-off-venture-division-into-independent-entity\/","title":{"rendered":"Binance Spins Off Venture Division into Independent Entity"},"content":{"rendered":"

In early 2024, the cryptocurrency exchange Binance discreetly spun off its venture division, which holds assets worth $10 billion, into a separate business. This was reported by Bloomberg<\/a>.<\/p>\n

\n

\u201cWe are not part of the Binance group,\u201d confirmed Binance Labs’ Chief Investment Officer Alex Odagu.<\/p>\n<\/blockquote>\n

In November 2023, the exchange settled claims from U.S. authorities by agreeing to pay $4.3 billion. Co-founder Changpeng Zhao pleaded guilty to violating the Bank Secrecy Act and agreed to step down as CEO. His fine amounted to $50 million.<\/p>\n

Richard Teng assumed the position of Binance’s head. The top executive announced plans to transform the exchange into a traditional corporate structure.<\/p>\n

The disclaimer<\/a> on the website of the former venture arm states that \u201cBinance Labs is an independent entity and is not part of Binance Group.\u201d<\/p>\n

According to the statement, the world’s largest crypto exchange granted Binance Labs the rights to use its brand.<\/p>\n

The venture structure is led by Binance co-founder He Yi. The enterprise acts as an early investor, incubator, and implements programs focused on startups within the BNB Chain ecosystem and other blockchains.<\/p>\n

Binance Labs’ portfolio includes around 250 projects, among them Sky Mavis, Aptos Labs, LayerZero, Polygon, and The Sandbox. The total \u201cpaper\u201d value of the assets exceeds $10 billion.<\/p>\n

According to Odagu, operational independence changes little in the activities of Binance Labs.<\/p>\n

\n

\u201cOur main goal \u2014 identifying projects and investing in them \u2014 has not changed. This has largely been our focus since the team was formed in 2018,\u201d he emphasized.<\/p>\n<\/blockquote>\n

In December 2023, Binance reached a settlement with the CFTC<\/span>, agreeing to pay $2.7 billion. A civil lawsuit by the SEC<\/span> against the exchange continues<\/a> to be considered.<\/p>\n

In April, the court will sentence<\/a> Zhao. He faces up to 18 months in prison, although earlier discussions suggested a 10-year term.<\/p>\n

Earlier in the year, the exchange faced legal issues in Nigeria, where two of the company’s top managers remain in custody.<\/p>\n","protected":false},"excerpt":{"rendered":"

In early 2024, the cryptocurrency exchange Binance discreetly spun off its venture division, which holds assets worth $10 billion, into a separate business. This was reported by Bloomberg. \u201cWe are not part of the Binance group,\u201d confirmed Binance Labs’ Chief Investment Officer Alex Odagu. In November 2023, the exchange settled claims from U.S. authorities by […]<\/p>\n","protected":false},"author":1,"featured_media":11637,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,83,1133],"class_list":["post-11638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-business","tag-venture-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=11638"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11638\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/11637"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=11638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=11638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=11638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}