Binance, the world’s leading crypto exchange by trading volume, appears to have spun off its venture capital and incubation arm, Binance Labs, as indicated on the latter’s website. This move occurred earlier this year, marking a significant development during CEO Richard Teng’s four-month tenure. Binance Labs’s website now clearly states that it operates independently and is not a part of the Binance Group, nor is it involved in any of the activities conducted by the latter, including the cryptocurrency exchange. Contracts for staff at Binance Labs are now different from those of employees at the crypto exchange, mirroring the structure of the Binance-backed BNB Chain project.
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