Binance Labs Breaks Ties With Crypto Exchange Binance

Binance Labs, the formidable venture capital firm, has transitioned into an autonomous investment division, breaking away from its previous ties with the Binance exchange. As per reports, Binance Labs has been operating as an independent entity since 2024 start, even though Binance Labs is authorized to use the Binance brand.

A spokesperson for the former unit confirmed this move, indicating its shift towards independent operations while maintaining continuity in its core mission.

Staff contracts now stand apart from those of the crypto exchange, similar to what is observed in Binance's BNB Chain project. In order to align with its distinct mission and goals, Binance Labs employs separate contracts and systems for each of its employees.  

The new development emerged amid regulatory challenges Binance is facing in the US. Worth noting, Changpeng Zhao, Binance's co-founder and former CEO, pleaded guilty to willfully violating the Bank Secrecy Act and awaits sentencing in the U.S.

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Unveiling the Scope

With an impressive portfolio exceeding $10 billion, Binance Labs has emerged as a formidable force in the venture capital landscape. Their portfolio contains over 250 projects originating from over 25 countries. In addition, the firm's long-term return on investment reportedly exceeded 14x.

The venture capital firm is dedicated to identifying and nurturing early-stage Web3 projects, offering personalized mentorship and access to Binance's extensive resources.

Applications for Binance Labs' Season 7 Incubation program are open until April 15, 2024, allowing developers to start their innovation journey. In the previous season, only 3% of projects were accepted, demonstrating a rigorous selection process.