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Former Binance CEO CZ Forms Family Office To Navigate Wealth Of $70 Billion

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Changpeng “CZ” Zhao, founder and former CEO of the world’s largest crypto exchange Binance, is transitioning from a tumultuous period marked by legal challenges to a new chapter as he establishes a family office to manage his substantial wealth.

According to a recent Bloomberg report, Zhao, who has rebounded from a brief incarceration and now boasts a net worth of approximately $70 billion, is rebranding the former venture capital arm of Binance Holdings Ltd. as YZi Labs.

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YZi Labs, which will now oversee about $10 billion in crypto-related assets, represents a shift in Zhao’s investment strategy. The firm’s name is a nod to both Binance’s former CEO and his co-founder, Yi He, who will also have her wealth managed by this newly formed entity.

Ella Zhang, who played a crucial role in founding Binance Labs in 2018 and left two years later, has also returned to lead YZi Labs. In her recent interview, she emphasized that the firm is now “purely a family office investment vehicle,” indicating a focus on personal and family wealth management.

Zhao’s journey has not been without its hurdles. He built Binance into the world’s leading cryptocurrency exchange while sidestepping traditional corporate structures, famously claiming that the platform lacked a global headquarters.

However, this unconventional approach to compliance has drawn scrutiny from regulators, particularly in the United States. In 2023, Zhao and Binance faced charges for failing to prevent illicit activities on the platform, leading to a $50 million fine and a four-month custodial sentence for Zhao.

After CZ’s r

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Author: Ronaldo Marquez

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