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Binance Labs loses top two executives

Quick Take

  • Binance’s VC arm has lost two veteran employees, The Block has learned. 
  • Binance Labs head Bill Qian is set to leave the firm and executive director Nicole Zhang has already left. 

Binance Labs, the venture capital and incubation arm of crypto exchange Binance, has lost two top executives in recent weeks.

Bill Qian, the head of Binance Labs, is set to leave the firm soon, several people familiar with the matter told The Block. Nicole Zhang, the firm’s executive director, left last month, according to her LinkedIn profile.

A Binance spokesperson confirmed Qian’s move, saying: "We don’t comment on people moves at Binance as a matter of policy. However, we can confirm that Bill is leaving Binance for personal reasons."

Another Binance spokesperson confirmed Zhang’s departure as well.

Both executives worked for Binance Labs for more than two years. Qian joined Binance Labs in March 2020 from China's JD Group, where he worked as head of investment for more than five years, per his LinkedIn profile.

A Chinese national, Qian recently changed his surname to Chin, as can be seen in the Binance-Forbes deal announcement published in February. His previous LinkedIn profile with the Qian surname doesn't exist anymore. He also seems to have deleted his Twitter account.

Qian did not immediately respond to The Block’s request for comment on the surname change.

Zhang, on the other hand, joined Binance Labs as its executive director in April 2020, according to her LinkedIn profile. She is now working as a partner at fintech-focused venture capital firm Lingfeng Capital, managing its Innovation Fund, per the profile.

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Zhang declined to comment to The Block when contacted.

First outside capital

Qian's and Zhang's departures come as Binance Labs raised its first fund with outside capital earl