CZ Denounces Financial Times Report on YZi Labs as “Completely Fake News”

Binance founder Changpeng Zhao (CZ) has strongly rejected claims made by the Financial Times regarding YZi Labs, an investment firm linked to his wealth. In a series of posts on X, he described the article as “completely fake news” and accused the outlet of spreading “negative narratives” built on false or fabricated information.

Criticism of FT and Rejection of Speculation According to the Financial Times, YZi Labs—founded in January 2025 by former Binance executive Ella Zhang—was said to be managing part of Zhao’s fortune and seeking outside capital. The paper also alleged that the firm was preparing investor presentations, engaging with regulators, and could even be considered a spinoff of Binance. CZ, however, firmly denied these assertions. He stressed that YZi Labs has never sought external funding, has no demos, presentations, or investor decks, and has never planned to create them. He underlined that the company operates independently and is not in any way a spinoff of Binance. “Completely fake news from FT with false, inaccurate, and made-up information—plus negative narratives. I didn’t even read the article; I only learned about it from social media. No subscription,” CZ wrote sarcastically.

Clarification on Regulatory Ties FT also claimed that Zhao had engaged with former SEC commissioner and current chairman Paul Atkins. CZ rejected this as well. “I have great respect for Chairman Atkins, but only based on publicly available information. We have never spoken,” he stated.

Defending His Legal Past The Binance founder also pushed back against how the report referenced his past conflict with U.S. authorities. He emphasized that the violation of the Bank Secrecy Act (BSA) related solely to deficiencies in Binance’s anti-money laundering program—not money laundering itself. “Failure to comply with rules is not the same as theft. Two completely different things that traditional media deliberately confuse,” CZ explained.

The “Lunch Trap” Zhao further revealed that FT reporters had invited him to a lunch meeting, promising positive coverage. He declined at the last moment, calling it nothing but a trap. “I’m canceling that lunch. Ethics… 4,” he concluded.

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