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Binance Labs broke its ties with Binance. Because of this, it is now a separate company. Based on numerous reports, the two separated on Feb. 27.

Crypto experts said that this is one of the most notable decisions made by Richard Teng, the new CEO of Binance.

Binance Labs Becomes Separate Company

CoinDesk reported that in February, Binance Labs' official website still identified itself as the venture capital arm and accelerator of Binance Group.

Now, the former venture capital arm's website states that the company is an "independent venture and not part of the Binance Group."

"Binance Labs is an independent venture and not part of the Binance Group nor is it involved in any of the businesses operated by the Binance Group (including but not limited to the Binance cryptocurrency exchange)," said the crypto firm.

"Binance Labs is licensed by Binance to use its trademark but otherwise have no other relationship with the Binance Group," added the company via its official website.

What Binance Labs Wants To Do

As of this writing, the Binance Labs and Binance Group have refused to comment regarding their separation. But, Binance Labs said that it is committed to helping grow the wider blockchain system.

The independent venture said that it had a valuation of $10 billion, as well as over 250 companies in its portfolio. Some of them are Polygon, the sidechain of Ethereum, and sports-focused blockchain provider Chiliz.

Right now, Binance Labs is looking to invest in more Web3 projects.