Beenzino confirmed with fans that he is ending his contract with Illionaire Records through an Instagram live.

On July 2nd, Beenzino broadcasted an Instagram live and told fans "It's true that we talked about ending the contract."

On the same day, it was reported that Beenzino's contract with Illionaire Records has come to an end after 9 years. Concerning this statement, Beenzino revealed that he wanted to tell his fans personally rather than just making an official announcement through the company.

He stated "I discussed with my company (Illionaire Records) on how to go about the future. I want to share my thoughts with you rather than revealing an official announcement." He added "it's correct but also not correct. We're still in the discussion stages but did talk about ending the contract. What saddens me is that this was revealed to the public before we made a decision."

He said that the relationship between him and Illionaire Records differs from the relationships between other companies and their artists. "It's more of a relationship that's free." He added, "That's why I wanted to separate (from the company) differently".

He also revealed that the reason why he decided to separate ways from Illionaire Records was he wanted a new environment. He revealed "I think it's important to make decisions to escape the environments I am comfortable with and try new things. This also applies to relationships between people, work, and art. I am focusing more on improving myself whether I change to a new environment or not."