Binance co-founder Changpeng Zhao (CZ) has firmly refuted claims that YZi Labs, his $10 billion investment firm, is raising or planning to raise external capital.

“Complete false news from FT, with fake/wrong/made-up info and negative narratives,” said Zhao in a post.

His remarks come after a Financial Times article reported that YZi Labs is considering opening its fund to outside investors, citing alleged statements made directly by YZi Labs CEO Ella Zhang.

This story is an excerpt from the Unchained Daily newsletter.

The FT report also stated that YZi had already accepted about $300 million in outside funding in 2022 before returning it, and that the U.S. Securities and Exchange Commission (SEC) had requested a private demo of companies backed by the fund.

“There is no demo. WTF is a demo for a fund,” said Zhao on X. 

“FT tried for a long time to lure me to a lunch interview, promising it will be positive coverage. I almost did it last week, but I was busy last minute, so Ella had lunch with them first, and this is what came out. It was a trap! Cancelling that lunch now,” he added.