In recent statements, Binance Labs has clarified the circumstances surrounding an alleged $15 million funding round purportedly led by the respected investment firm for the SkyArk Chronicles project. The announcement from SkyArk claimed participation by Binance Labs, which brought about confusion among market observers and participants.
Consistently supportive of its portfolio projects, Binance Labs outlined its investment protocol, marking that typically any project it funds should seek approval before making public mentions of Binance Labs in regards to investments — a rule detailed in their investment contracts.
Having been left in the dark regarding the questionable investment announcement, Binance Labs immediately contacted the SkyArk Chronicles team post-announcement, requesting rectification and the removal of any mentions of Binance Labs or Binance.
Following no public clarification from SkyArk Chronicles, only the deletion of the initial tweet, Binance Labs has taken the preventive step to unilaterally clarify the facts to the public and its investors.
In its concluding remarks, Binance Labs emphasized the importance of projects focusing on product development rather than creating false expectations based on investment rumors.
Moving forward, Binance Labs ensures continued fair support to all its portfolio projects and disapproves of publicity stunts that could tarnish its reputation or mislead the public.