Top Crypto Exchange Binance Spins Off $10 Billion Venture Unit

Crypto exchange Binance quietly spun off its $10 billion venture capital arm earlier this year in one of the most notable developments yet of Chief Executive Officer Richard Teng’s four-month-old tenure.

Binance Labs has become an independent entity and severed some ties with the wider group, a spokesperson for the former unit said. Binance Labs staff now have separate contracts to those of exchange employees, the spokesperson added, similar to the setup at Binance-backed digital ledger BNB Chain.

“We’re not part of the Binance group,” said Binance Labs Investment Director Alex Odagiu. The venture capital affiliate will license ...