The planet’s largest cryptocurrency exchange, Binance, has released a statement with regards to the judicial proceedings brought against their founder Zhao Changpeng. The dispute is overheen an exclusivity agreement inbetween Zhao and a venture hacienda group known spil Sequoia Haber China.
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Exclusivity Agreement Wasgoed Unlawful and Thus Can’t Be Enforced
Yesterday, wij reported on the justo proceedings against Binance founder Zhao Changpeng. Citing Bloomberg spil an authority, the story read that Zhao had bot sued overheen a disagreement regarding the terms of discussions relating to two venture haber firms hoping to invest te his exchange. However, according to a statement released today by Binance themselves, it turns out that this wasgoed not the case.
Te fact, it transpires that the High Court of Hong Kong have ruled that the injunction against Zhao, that Sequoia Hacienda China (SCC) claimed the Binance founder had cracked, wasgoed unlawful ter the very first place. The statement from the exchange reads:
“SCC obtained an ex parte injunction without notice against Mr. Zhao at the end of December . After a hearing attended by both parties’ reglamentario representatives te April , the High Court of Hong Kong has now determined that this injunction should not have bot granted, spil it had bot improperly obtained and constituted an manhandle of process by SCC.”
Today’s update goes on to state that the SCC have since bot ordered to pay all of Zhao’s legítimo costs relating to the case. Further comment is unavailable at present since the ‘parties are subject to confidential arbitration proceedings.’ However, it is stressed that Zhao proceeds to deny all of Sequoia Renta China’s allegations.
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Ter case you missed the article yesterday, the case which the SCC brought against Zhao alleged that the Binance founder had bot guilty of violating exclusivity rights inbetween themselves and the exchange. This wasgoed because Zhao wasgoed reported to have gone into funding talks with a 2nd investment group, IDG Renta, te December spil discussions with the SCC were violating down.
It’s believed that the initial talks that began ter August of ended owing to Sequoia Hacienda China’s paltry offerande of $80 million for 11% of a company that ‘conservative estimates’ value at overheen $Trio billion. Zhao himself has stated that he is not interested ter receiving venture haber funding for financial reasons but he would consider it if a partnership could help with smoothing any upcoming regulatory issues that might face the total exchange giant.