Sequoia Sues Crypto Exchange Binance After Investment Overeenkomst Collapses

The founder of one of the world’s largest cryptocurrency exchanges is being sued by a big-name venture caudal hard for allegedly breaching an exclusivity agreement.

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According to a report by Bloomberg published Wednesday, Binance’s Zhao Changpeng is presently facing a lawsuit brought to the high court ter Hong Kong by California-based venture renta stiff Sequoia Haber.

Citing court documents dating back to March, the news source said the punt stems from a discussion of an injection of caudal into the company last year when the verhoging wasgoed very first launched.

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Spil the talks continued, Zhao reportedly told Sequoia ter mid-December – when the price of bitcoin hac surged to a record high of almost $20,000 – that a proposed valuation of $80 million for an 11 procent stake te the hard would not match the expectations of the rigid’s shareholders.

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However, spil the overeenkomst fell through, the report said Zhao wasgoed also te talks with another potential investor IDG Renta, which voiced rente ter investing te Binance overheen two funding rounds and evaluated the rock hard at $400 million and $1 billion, respectively. Spil such, Sequoia is accusing Zhao for breaching the claimed exclusivity agreement.

Bloomberg states that, albeit the firms planned to lodge the matter te arbitration, Sequoia turned to the court to prevent Binance from talking to other potential investors.

The court te Hong Kong has reportedly ordered Zhao not to talk to other investors until a hearing can be held to rule whether Zhao is liable overheen the allegations.

Binance has not responded to CoinDesk requests for comments at press time.

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2 comments

  1. I’m not sure about binance I mostly trade on bittrex. I may not have enough practice and will switch my mind ter the future.

  2. Did you have money on Binance? Were you alarmed or certain? I had a few grand on there, far more than usual… Super glad it turned out ok, but still let this be a reminder to mij and everyone else, storing coins on an exchange is more scary than on a secure private wallet.

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