CZ rejects ‘negative narratives’ from ‘complete false news from FT’

Binance founder, Changpeng Zhao (CZ), has dismissed a report on YZi Labs by Financial Times, claiming the report is fake news. The former CEO of the exchange took to his X account to protest the reports that have made the rounds since earlier today. 

Binance founder Changpeng Zhao (CZ) has pushed back against a recent Financial Times report about YZi Labs, a crypto investment firm linked to his fortune. CZ described the report as “complete false news” and stated that it was filled with “fake, wrong, or made-up info.” 

In a series of posts on X, CZ said that the publication misrepresented YZi’s operations, his role, and even his past regulatory case, while promoting what he called “negative narratives.”

CZ pushes back on “false narratives”

The FT article portrayed YZi Labs, which was founded in January 2025 and led by former Binance executive Ella Zhang, as one of the world’s largest crypto investors managing Zhao’s wealth. It also reported that the fund is exploring ways to raise funds from outside investors. Zhao, however, denied nearly every element of that framing.

In his posts, CZ accused FT of publishing inaccuracies without his participation. “Complete false news from FT, with fake/wrong/made-up info and negative narratives. This is just from what I gathered on social media, I did not even read the FT article. No subscription,” he wrote.

CZ then went ahead to list a series of clarifications about YZi Labs. He clarified that the company is not raising external fundraising, does not have a demo or a pitch deck and that there has never been a plan for one. 

Clearing up rumors 

In his post, CZ made it clear that YZiLabs, since rebranding, has not sought a single external investor. “No requests, no discussions,” he wrote. He also denied being in communication with the former SEC Commissioner, Paul Atkins, who is now the Chair of the Commission, despite FT reporting otherwise.

“I do respect Chairman Atkins tremendously, just from all the public info I see,” CZ added, but maintained there had been no engagement.

Zhao also stressed that YZi Labs was not “spun out of Binance,” as reported. He stated that the company is operating independently, disputing the idea that it functions as an extension of his former exchange.

The Binance founder also defended his past brush with the U.S. legal system, which was mentioned in the report.

“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,” he wrote. “Failure to police is not the same as stealing. Two very different things that the traditional media keeps on intentionally mixing up.”

CZ mentioned in his post that he had been invited by FT for a lunch interview with assurances of “positive coverage,” but declined at the last minute. “It was a trap! Cancelling that lunch now,” he wrote, before signing off with the remark: “Ethics… 4.”