Binance CEO CZ Debunks Financial Times Claims About YZi Labs as "Fake News"

Changpeng Zhao (CZ), the CEO of Binance, has strongly dismissed allegations made in a recent Financial Times (FT) article concerning YZi Labs, categorizing the publication as "fake news." Taking to his social media platform, X (formerly Twitter), CZ criticized the report for its inaccuracies and misleading claims.

Financial Times Report and CZ's Response

The Financial Times article alleged that YZi Labs is a cryptocurrency investment firm tied to CZ's assets and was actively seeking external funding. The report also claimed that YZi Labs, regarded as one of the prominent cryptocurrency investment firms globally, was established in January 2025 and is led by Ella Zhang, a former Binance executive.

CZ was quick to respond, refuting these claims in a post on X. He accused the Financial Times of misrepresenting YZi Labs’ structure, operational details, and his personal involvement. "FT made inaccurate reporting without my participation," CZ stated, adding, "I didn’t even read the article. Just based on the snippets circulating on social media, I can tell it's seriously flawed."

Addressing the specific points, CZ clarified that YZi Labs has not sought and has no plans to seek external funding. He also denied the existence of "demos" or "pitch decks" referenced in the report.

Correcting Misconceptions About YZi Labs and Binance

CZ aimed to clear up further misconceptions about YZi Labs’ nature and its relationship with Binance. He firmly asserted that YZi Labs operates as an independent entity and was not spun off from Binance. Additionally, CZ confirmed that since the firm’s rebranding, it has not made any outreach to external investors.

The FT article also alleged that CZ had communicated with Paul Atkins, a former SEC commissioner currently serving as an SEC chairman. CZ directly denied this claim, stating, "I have great respect for Paul Atkins, but I have never contacted him personally."

Clarification on Legal Issues

In addressing FT's characterization of past legal issues involving him and Binance, CZ provided crucial context, emphasizing that the article misrepresented the facts. According to CZ, the FT categorized historical legal matters as "money laundering violations," a claim he adamantly denied. He explained, "The issue was a single violation related to the improper implementation of an anti-money laundering (AML) program under the Bank Secrecy Act (BSA). Not enforcing the law is not equivalent to stealing.”

CZ Calls Out Media Ethics

CZ also accused the Financial Times of unethical journalism practices, alleging an attempt to entice him into an interview by offering favorable coverage. He described this as a "trap" and stated that he declined the offer outright. In a parting shot at the outlet’s credibility, CZ commented on X, "'Ethics... 4/10.'"

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