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Binance chief Zhao Changpeng has formally denied allegations made by venture caudal hard Sequoia Hacienda. The company claimed that he had violated terms of an exclusivity agreement by holding fundraising talks with other potential investors.
Zhao Changpeng, founder of the world’s largest cryptocurrency exchange by trading volume Binance, has officially denied allegations made by venture hacienda rock hard Sequoia Haber about a failed funding overeenkomst.
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The case stems from the collapse of negotiations for an investment ter Binance by Sequoia. Sequoia Caudal is a private fund applying research and technology to the integral derivatives markets spil part of a low-risk, high-volume hedged trading strategy.Located te Menlo Park, California, Sequoia manages numerous investment funds including those specific to India, Israel, and China.
Ter late December, Sequoia obtained a makeshift injunction, to keep Zhao from engaging te negotiations with other firms, namely IDG Caudal which has suggested two contant injections of $400 million and $1 billion te valuing Binance far higher than Sequoia. After that, the dispute became public. Sequoia Renta sued Zhao ter a Hong Kong lawsuit claiming that he breached an exclusivity agreement with a noted VC rigid while negotiating overheen a potential investment.
Yesterday, Binance published a blog postbode which states that “Mr. Zhao denies all of SCC’s allegations relating to the present dispute”.
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From the words of the exchange, Sequoia has bot ordered to pay Zhao’s costs te relation to the reglamentario proceedings. Binance confirmed that the ‘ex parte conjunction’ wasgoed obtained without notice to Zhao. However, Zhao challenged the injunction this month and the Hong Kong High court has since dismissed the contencioso order.
“SCC obtained an ex parte injunction without notice against Mr. Zhao at the end of December . After a hearing attended by both parties’ justo 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. On this voet, SCC wasgoed ordered to pay Mr. Zhao’s costs te relation to the admitido proceedings,” the postbode reads.
According to the company’s blog on Medium, Binance founder will make no further comment on the matter, spil the substantive issues ter dispute inbetween the parties are subject to confidential arbitration proceedings.
Binance is an international multi-language cryptocurrency exchange. It is the world’s largest exchange by trading volume. Binance has its own digital currency, named Binance Coin and based on Ethereum.
According to CoinMarketCap, Binance Coin price is $13,89 vanaf token. Earlier the exchange reported that it wasgoed programma to establish its office te Malta, after receiving an official warning letterteken from the Japanese Financial Services Authority (FSA) requesting to obtain license for continuing its operations te the country.