China Renaissance Seeks $600 Million for BNB Crypto Treasury

China Renaissance Holdings Ltd., the Beijing-based Chinese investment bank whose former chairman Bao Fan was released from detention in August, is in talks to raise about $600 million for a public vehicle that would invest in a cryptocurrency with close ties to Binance Holdings Ltd.

YZi Labs, the family office of Binance Co-Founder Changpeng Zhao, who was himself released from federal custody in the US last year, plans to invest in the deal alongside China Renaissance, according to people familiar with the matter. Together, they will invest $200 million in the deal, the people added. Hong Kong-listed China Renaissance said in an August filing that it would invest about $100 million in BNB, the Binance-linked token.