Top Crypto Exchange Binance Spins Off $10 Billion Venture Unit
- Investment arm is now independent from the trading platform
- Industry is monitoring for changes at Binance under CEO Teng
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Crypto exchange Binance quietly spun off its $10 billion venture capital arm earlier this year in one of the most notable developments yet of Chief Executive Officer Richard Teng’s four-month-old tenure.
Binance Labs has become an independent entity and severed some ties with the wider group, a spokesperson for the former unit said. Binance Labs staff now have separate contracts to those of exchange employees, the spokesperson added, similar to the setup at Binance-backed digital ledger BNB Chain.