Thu Sep 25 02:10:00 UTC 2025: ## CZ Zhao Denies Report of YZi Labs External Funding, Disputes Money Laundering Characterization
**Binance Co-founder Changpeng “CZ” Zhao has vehemently denied a Financial Times report alleging that his investment vehicle, YZi Labs, is seeking external funding.** In a post on X, Zhao called the report “false news” riddled with “fake/wrong/made-up info and negative narrative.” He stated, “As far as I know…YZi Labs is not raising an external fund.”
The Financial Times report claimed that YZi Labs, recently rebranded from Binance Labs, was open to transitioning into an investment fund. Ella Zhang, head of YZi Labs, echoed Zhao’s denial on X, stating, “The FT headline suggesting YZi Labs plans to raise external LP money is false. We have no such plan.”
Zhao also took issue with the Financial Times’ description of the charges that led to his stepping down as Binance CEO and subsequent prison sentence. The report characterized the charges as relating to money laundering, which Zhao refuted. He clarified that he “pled to a single violation of BSA, failure to maintain an adequate ANTI-money laundering program.”
YZi Labs was rebranded after Zhao’s release from prison, with the Binance co-founder taking a more active role. While often referred to as Zhao’s family office due to its investment of his personal wealth, YZi Labs asserts it differs from a traditional family office model. According to an emailed fact sheet, YZi Labs focuses on backing “high-impact startups driving growth in Web3, AI, and biotech,” contrasting with the more conventional family office focus on “estate planning, tax structuring, and generational capital preservation.”
**In other news:**
**Gate.io Unveils Layer 2 Network and Revamps GT Tokenomics:** Cryptocurrency exchange Gate.io has announced the launch of Gate Layer, a high-performance Layer 2 network built on the OP Stack. Alongside the new network, Gate.io is expanding the role of its GT token, positioning it as a gas token and a deflationary asset.
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