Crypto exchange Binance has released a statement today, April 26, denying allegations against Binance CEO Changpeng Zhao that he broke an exclusivity contract with VC firm Sequoia last fall.
Sequoia had sought a temporary injunction against Zhao, known in the crypto community as "CZ", to prevent him from negotiating with other investors after Zhao's negotiators had broken off a deal with Sequoia last December, reportedly due to the rising price of BTC making the terms unfavorable to Binance.
"After a hearing attended by both parties' legal representatives in April 2018, the High Court of Hong Kong has now determined that this injunction should not have been granted, as it had been improperly obtained and constituted an abuse of process by SCC. On this basis, SCC was ordered to pay Mr. Zhao's costs in relation to the legal proceedings."
The statement adds that Zhao will make no further comment on the situation.
Binance is the number one crypto exchange by 24 hour trading volume on CoinMarketCap, reporting around $2.6 billion in trading today.
The exchange had recently announced it would be opening an office in Malta, after receiving a notice to about its unregistered status in Japan by the country's Financial Services Authority.
Binance: Hong Kong Court Ruled VC Firm Sequoia's Allegations Against CEO CZ Invalid
pubblicato su Apr 26, 2018
by Cointele | pubblicato su Coinage
Coinage
Notizie recenti
Vedi tutti
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.