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Ex-Binance CEO CZ Criticizes FT Report On YZi Labs, Calls It A ‘Negative Narrative’
Former Binance CEO Changpeng Zhao, commonly known as CZ, has found himself at the epicenter of a new controversy following a recent report by the Financial Times regarding his Web3 and artificial intelligence (AI) venture, YZi Labs. CZ Denies Financial Times Report The report suggested that Zhao was planning to open a substantial $10 billion portfolio to outside investors, a claim that has sparked a vigorous denial from the former executive of the world’s largest cryptocurrency exchange. Related Reading: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump? According to the Financial Times, Ella Zhang, head of YZi Labs, acknowledged strong interest from potential investors, even mentioning that US Securities and Exchange Commission (SEC) Chair Paul Atkins had requested a private demonstration of the fund’s capabilities. The Financial Times report indicated that approximately 70% of YZi Labs’ portfolio consists of digital assets, with more than 50 token proposals reviewed over the summer. However, the former Binance executive took to social media platform X (formerly Twitter) to vehemently dispute the Financial Times’ claims, labeling the report as “complete false news” filled with what he described as “fake, wrong, and made-up information.” Zhao made several specific assertions in his posts. He stated that YZi Labs is not currently raising an external fund, nor is there any planned demonstration for investors. CZ expressed confusion over the concept of a “demo” for a fund and clarified that there has never been a pitch deck for YZi Labs, nor has the organization pursued any external investment discussions since its rebranding. YZi Labs Not Linked To Binance In his response, CZ further stated that YZi Labs operates independently from cryptocurrency exchange Binance and refuted claims that it was “spun out” of the exchange after his legal troubles with US authorities in November 2023. Addressing regulatory concerns, Zhao pointed out that he has only been cited for a single violation related to the Bank Secrecy Act, which he clarified involved a failure to maintain an adequate anti-money laundering program. He sated: I plead to a single violation of BSA, failure to maintain an adequate ANTI-money laundering program. Contrary to what FT characterized as “money laundering” violations. Related Reading: Why Aren’t Institutions Adopting XRP ‘Massively’? Pundit Answers The former Binance CEO stressed that his legal situation should not be conflated with accusations of money laundering, a distinction he feels is often misrepresented in traditional media. Zhao also noted that the Financial Times had previously attempted to arrange a lunch interview with him, promising positive coverage. After canceling the meeting, he expressed his regret about the situation, suggesting that the resulting article was not the narrative he had hoped for. At the time of writing, Binance’s native token, Binance Coin (BNB), trades above the $1,000 milestone, recording gains of 15% during this month’s uptrend. Featured image from BBC, chart from TradingView.com
Solana DATs Arrive In Australia: Fitell Corporation Announces $100M SOL Treasury Strategy
As Solana attempts to reclaim the $220 level as support, an Australian-based firm has joined the trend of Digital Asset Treasury (DAT) companies with a $100 million financing facility for the launch of a new SOL treasury strategy. Related Reading: Analyst Says Ethereum Bounce Is Imminent As BitMine Continues To Accumulate First Australia-Based Solana Treasury On Tuesday, Nasdaq-listed Fitell Corporation, a global provider of fitness equipment and health solutions, unveiled the launch of the first Solana-based digital asset treasury in Australia. According to the announcement, the company has secured a $100 million convertible note facility with a US-based institutional investor to support the launch of its SOL treasury strategy. Notably, $10 million from the initial closing will be immediately deployed to purchase the altcoin. Following the launch of the Treasury, Fitell plans to rebrand to “Solana Australia Corporation.” Additionally, it has initiated steps for a dual listing on the Australian Securities Exchange (ASX). The DAT is expected to generate yields by deploying SOL assets across a “diversified suite of on-chain DeFi and derivatives strategies,” including structured products such as options, snowballs, on-chain liquidity provisioning, and other highly liquid strategies with managed downside risk. Meanwhile, returns generated will be reinvested into the treasury reserve, the company explained. Cailen Sullivan, one of Fitell’s advisors, affirmed that their strategy “focuses not only on Solana itself, but the broader ecosystem of applications being built on top.” “By deploying more assets on-chain, we aim to generate outsized returns, setting a new benchmark for performance in digital asset management while supporting the growth of DeFi applications on Solana,” Sullivan added. SOL Corporate Adoption Continues Fitell Corporation’s CEO, Sam Lu, expressed the company’s ambition to become the largest publicly listed SOL holder in Australia and the Asia Pacific regions: The launch of our Solana digital asset treasury positions Fitell at the forefront of Solana adoption in the regions of Australia and Asia Pacific. (…) With the expertise of David Swaney and Cailen Sullivan, we are excited to execute on a roadmap that combines innovation, yield generation, and disciplined risk management. This initiative follows the recent push for Solana-focused DATs, which have seen hundreds of millions of dollars invested in the strategies this month. Last week, neurotech company Helius Medical Technology revealed the launch of a $500 million SOL treasury strategy backed by Pantera Capital and Summer Capital. The Pennsylvania-based company announced the first purchase for its DAT strategy on Monday, adding 760,190 SOL, worth approximately $168 million, at an average purchase price of $231. Similarly, Nasdaq-listed Forward Industries Inc. has unveiled its plan to bring its equity to the blockchain. According to the announcement, the company has partnered with financial technology firm Superstate to allow stockholders to tokenize and hold FORD shares on the Solana blockchain. Related Reading: CEO Dismisses September Crash, Reveals Why The Bitcoin Price Is Headed For $150,000 Forward Industries Inc. is currently the largest corporate SOL Treasury, successfully closing a $1.65 billion private investment in public equity (PIPE) earlier this month to purchase the cryptocurrency, stake it, and generate excess returns. Bitwise’s CIO Matt Hougan suggested that strong corporate treasury purchases and the highly anticipated approval of spot SOL exchange-traded funds (ETFs) could start a “Solana Season” in the coming months. As of this writing, SOL is trading at $220, a 6.7% decline in the weekly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Ex-Binance CEO CZ Criticizes FT Report On YZi Labs, Calls It A ‘Negative Narrative’
Former Binance CEO Changpeng Zhao, commonly known as CZ, has found himself at the epicenter of a new controversy following a recent report by the Financial Times regarding his Web3 and artificial intelligence (AI) venture, YZi Labs. CZ Denies Financial Times Report The report suggested that Zhao was planning to open a substantial $10 billion portfolio to outside investors, a claim that has sparked a vigorous denial from the former executive of the world’s largest cryptocurrency exchange. Related Reading: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump? According to the Financial Times, Ella Zhang, head of YZi Labs, acknowledged strong interest from potential investors, even mentioning that US Securities and Exchange Commission (SEC) Chair Paul Atkins had requested a private demonstration of the fund’s capabilities. The Financial Times report indicated that approximately 70% of YZi Labs’ portfolio consists of digital assets, with more than 50 token proposals reviewed over the summer. However, the former Binance executive took to social media platform X (formerly Twitter) to vehemently dispute the Financial Times’ claims, labeling the report as “complete false news” filled with what he described as “fake, wrong, and made-up information.” Zhao made several specific assertions in his posts. He stated that YZi Labs is not currently raising an external fund, nor is there any planned demonstration for investors. CZ expressed confusion over the concept of a “demo” for a fund and clarified that there has never been a pitch deck for YZi Labs, nor has the organization pursued any external investment discussions since its rebranding. YZi Labs Not Linked To Binance In his response, CZ further stated that YZi Labs operates independently from cryptocurrency exchange Binance and refuted claims that it was “spun out” of the exchange after his legal troubles with US authorities in November 2023. Addressing regulatory concerns, Zhao pointed out that he has only been cited for a single violation related to the Bank Secrecy Act, which he clarified involved a failure to maintain an adequate anti-money laundering program. He sated: I plead to a single violation of BSA, failure to maintain an adequate ANTI-money laundering program. Contrary to what FT characterized as “money laundering” violations. Related Reading: Why Aren’t Institutions Adopting XRP ‘Massively’? Pundit Answers The former Binance CEO stressed that his legal situation should not be conflated with accusations of money laundering, a distinction he feels is often misrepresented in traditional media. Zhao also noted that the Financial Times had previously attempted to arrange a lunch interview with him, promising positive coverage. After canceling the meeting, he expressed his regret about the situation, suggesting that the resulting article was not the narrative he had hoped for. At the time of writing, Binance’s native token, Binance Coin (BNB), trades above the $1,000 milestone, recording gains of 15% during this month’s uptrend. Featured image from BBC, chart from TradingView.com
Solana DATs Arrive In Australia: Fitell Corporation Announces $100M SOL Treasury Strategy
As Solana attempts to reclaim the $220 level as support, an Australian-based firm has joined the trend of Digital Asset Treasury (DAT) companies with a $100 million financing facility for the launch of a new SOL treasury strategy. Related Reading: Analyst Says Ethereum Bounce Is Imminent As BitMine Continues To Accumulate First Australia-Based Solana Treasury On Tuesday, Nasdaq-listed Fitell Corporation, a global provider of fitness equipment and health solutions, unveiled the launch of the first Solana-based digital asset treasury in Australia. According to the announcement, the company has secured a $100 million convertible note facility with a US-based institutional investor to support the launch of its SOL treasury strategy. Notably, $10 million from the initial closing will be immediately deployed to purchase the altcoin. Following the launch of the Treasury, Fitell plans to rebrand to “Solana Australia Corporation.” Additionally, it has initiated steps for a dual listing on the Australian Securities Exchange (ASX). The DAT is expected to generate yields by deploying SOL assets across a “diversified suite of on-chain DeFi and derivatives strategies,” including structured products such as options, snowballs, on-chain liquidity provisioning, and other highly liquid strategies with managed downside risk. Meanwhile, returns generated will be reinvested into the treasury reserve, the company explained. Cailen Sullivan, one of Fitell’s advisors, affirmed that their strategy “focuses not only on Solana itself, but the broader ecosystem of applications being built on top.” “By deploying more assets on-chain, we aim to generate outsized returns, setting a new benchmark for performance in digital asset management while supporting the growth of DeFi applications on Solana,” Sullivan added. SOL Corporate Adoption Continues Fitell Corporation’s CEO, Sam Lu, expressed the company’s ambition to become the largest publicly listed SOL holder in Australia and the Asia Pacific regions: The launch of our Solana digital asset treasury positions Fitell at the forefront of Solana adoption in the regions of Australia and Asia Pacific. (…) With the expertise of David Swaney and Cailen Sullivan, we are excited to execute on a roadmap that combines innovation, yield generation, and disciplined risk management. This initiative follows the recent push for Solana-focused DATs, which have seen hundreds of millions of dollars invested in the strategies this month. Last week, neurotech company Helius Medical Technology revealed the launch of a $500 million SOL treasury strategy backed by Pantera Capital and Summer Capital. The Pennsylvania-based company announced the first purchase for its DAT strategy on Monday, adding 760,190 SOL, worth approximately $168 million, at an average purchase price of $231. Similarly, Nasdaq-listed Forward Industries Inc. has unveiled its plan to bring its equity to the blockchain. According to the announcement, the company has partnered with financial technology firm Superstate to allow stockholders to tokenize and hold FORD shares on the Solana blockchain. Related Reading: CEO Dismisses September Crash, Reveals Why The Bitcoin Price Is Headed For $150,000 Forward Industries Inc. is currently the largest corporate SOL Treasury, successfully closing a $1.65 billion private investment in public equity (PIPE) earlier this month to purchase the cryptocurrency, stake it, and generate excess returns. Bitwise’s CIO Matt Hougan suggested that strong corporate treasury purchases and the highly anticipated approval of spot SOL exchange-traded funds (ETFs) could start a “Solana Season” in the coming months. As of this writing, SOL is trading at $220, a 6.7% decline in the weekly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com