Overview

• Changpeng Zhao said YZi Labs is not raising an external fund, calling reports to the contrary false and stating there have been no requests or discussions.
• His comments contradict earlier remarks attributed to YZi Labs head Ella Zhang, who was quoted as saying the firm would eventually consider accepting external investors.
• Zhao also rejected claims of a private demo for regulators, pushing back on reporting that the SEC requested one for portfolio companies.
• YZi Labs operates as a family office managing roughly $10 billion for Zhao and Yi He after rebranding from Binance Labs in early 2025.
• Separate coverage noted the firm recently doubled its position in Ethena’s USDe and oversees more than 230 crypto and Web3 investments.