Crypto venture giant Binance Labs has quietly become an independent entity from the trading platform, a report says.

Binance, the crypto exchange, has discreetly transformed its $10 billion venture capital arm, Binance Labs, into an independent entity, marking a significant development under the leadership of Richard Teng, Binance’s new CEO, as reported by Bloomberg, citing a spokesperson from the venture entity.

Confirmation of this shift came from a spokesperson for Binance Labs, who stated that employees of Binance Labs now operate under distinct contracts separate from those of the exchange, similar to the arrangement at BNB Chain, a digital ledger backed by Binance.

Though the exact reasons for the restructuring remain undisclosed, Alex Odagiu, Investment Director at Binance Labs, stressed that the entity is now detached from the broader Binance group. However, Odagiu noted that Binance Labs will continue to hold its licensing agreement to utilize the Binance brand.