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 capabilities.
The 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.
Zhao made several specific assertions in his posts. He stated that YZi Labs is not currently raising an external fund, nor is there any planned demonstration for investors.
CZ 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 rebranding.
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 2023.
I plead to a single violation of BSA, failure to maintain an adequate ANTI-money laundering program. Contrary to what FT characterized as “money laundering” violations.
Zhao also noted that the Financial Times had previously attempted to arrange a lunch interview with him, promising positive coverage. After canceling the meeting, he expressed his regret about the situation, suggesting that the resulting article was not the narrative he had hoped for.
At 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 uptrend.
Featured image from BBC, chart from TradingView.com
