Changpeng Zhao Denies $10B Fund Plans for YZi Labs

- Binance co-founder refutes reports on external fundraising for YZi Labs. - Conflicting remarks highlight uncertainty over the firm's strategic future. On September 23, 2025, Binance co-founder Changpeng Zhao denied a report from the Financial Times suggesting his venture capital firm, YZi Labs, plans to launch a $10 billion external investment fund. On the same day, Zhao stated in a post on X (formerly Twitter), “YZi Labs is not raising [an] external fund.” He also confirmed that the firm has not engaged with outside investors since its rebranding earlier this year and clarified that YZi Labs operates independently, not as a spinoff from Binance. However, conflicting signals have emerged from YZi Labs leadership. According to a September 23 report from the Financial Times, the firm’s head, Ella Zhang, suggested that YZi Labs might consider external fundraising after it hones its expertise in artificial intelligence (AI) and biotech. In contrast, a YZi Labs spokesperson asserted the firm has no plans to open to outside investors. The spokesperson also rejected a characterization from Bloomberg describing YZi Labs as a “family office,” emphasizing the label does not align with their operational vision. YZi Labs, formerly known as Binance Labs, rebranded in January 2025 following Zhao’s release from prison for violating the Bank Secrecy Act. Before this transition, Binance Labs had raised $500 million in 2022 from investors including DST Global Partners and Breyer Capital. However, the Financial Times also reported that Zhang revealed the firm has since returned any undeployed capital from that fund to align with its renewed operational focus. Despite this, YZi Labs remains an active investor in prominent blockchain projects, including Polygon, LayerZero, and Aptos Labs, and continues to innovate within the space. Nevertheless, the discrepancies between statements from Zhao, Zhang, and the firm's spokesperson create uncertainty about the firm’s long-term strategy.