Rumors that Binance founder Changpeng Zhao managed to reach an agreement with Trump have been circulating for a long time. Recently SEC withdraws lawsuit against Binance in the US. And CZ is seeking a presidential pardon after pleading guilty to violating US anti-money laundering laws.
Now, Changpeng Zhao’s family office will lead the creation of a specialized BNB custodial company designed to provide institutional investors with access to Binance’s native token (BNB) through a planned US public listing (IPO).
YZi Labs has announced that it is backed by investment firm 10X Capital in the development of this cryptocurrency treasury instrument. 10X Capital will function as an asset manager. BNB Treasury Company is seeking a listing on a leading US exchange that has not been named.
YZi Labs manages over $10 billion in assets under management worldwide. It specializes in investing in startups in the areas of Web3, artificial intelligence, and biotechnology.
Binance’s former CEO said in February that 98.5% of its cryptocurrency portfolio consists of BNB tokens, although he did not specify the total value of its assets. Forbes reported in June 2024 that Zhao and Binance together control almost 96% of BNB tokens in circulation. Zhao personally owns 94 million BNB coins, with a current value of approximately $63 billion and representing more than 64% of BNB in circulation, while Binance controls 31.5%.
Despite being banned from running Binance as part of a plea deal for violating money laundering laws, Zhao remains the exchange’s largest shareholder, allowing him to benefit greatly from the increased institutional adoption of BNB.
Source: YZi Labs