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Virtual currency exchange Binance (BNB-USD) spun off its $10 billion investment arm, Binance Labs, earlier this year. The move marks an important step under the leadership of Binance’s new CEO Richard Teng.
according to bloomberg, its venture arm now operates independently from Binance and has severed some ties with the broader group. However, the division plans to license the Binance brand.
Evolution of Binance Labs
Yi He co-founded Binance with Changpeng Zhao and heads Binance Labs. Mr. Zhao was convicted last year of violating U.S. anti-money laundering regulations. Binance Labs operates as both a venture capital investor and incubator, with notable investments in projects such as Polygon, The Sandbox, Aptos Labs, and Sky Mavis.
Despite its efforts, Binance faces continued regulatory challenges. Nigeria accused Binance of damaging its currency. Recently, Nigerian authorities detained two senior Binance employees after they invited them to Nigeria for a meeting. This week, Nigeria reportedly requested transaction details of the top 100 users of the platform in Nigeria over the past six months. coin desk. Additionally, Nigerian authorities are seeking extended detention for two Binance employees.
Is BNB strong?
Over the past year, cryptocurrencies have been on the rise across the board. Despite Binance’s woes, Binance Coin (BNB), up nearly 173% over the past six months. Bitcoin (BTC-USD) Cryptocurrency, the world’s largest virtual currency, also rose about 175% during this period.
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