Earlier this year, cryptocurrency exchange Binance made headlines by spinning off its venture capital arm, Binance Labs, into a separate entity, marking one of the notable moves by newly appointed CEO Richard Teng, who assumed the position in November. Binance Labs clarified its independence from the Binance Group, stating it operates as an independent venture with only the license to use the Binance trademark. The divestment is seen as part of Binance's efforts to enhance regulatory compliance, especially following former CEO Changpeng "CZ" Zhao's legal issues in the U.S. Teng's background in regulatory authorities like the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM) and the Monetary Authority of Singapore (MAS) signals a shift towards a more compliant approach. Binance Labs, which previously boasted a $10 billion valuation and a portfolio including notable projects like Polygon and Chiliz, had made significant investments, ranking among the most active crypto venture capital firms, according to CoinGecko's research.