Zhao Changpeng, the founder of Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has denied an allegation that he breached an exclusivity agreement with a noted VC stiff while negotiating overheen a potential investment.
Te a blog postbode published Thursday, Binance issued a response to a report yesterday which exposed that Zhao is presently facing a lawsuit filed with the Hong Kong High Court by venture renta giant Sequoia Renta.
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Spil reported yesterday, the case stems from the collapse of negotiations for an investment ter Binance by Sequoia. After the talks fell through, the VC rock hard brought the lawsuit against Zhao, accusing him of cracking an exclusivity agreement by talking to another potential investor IDG Haber ter December last year.
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“Mr. Zhao denies all of Sequoia’s allegations relating to the present dispute. Spil the substantive issues te dispute inbetween the parties are subject to confidential arbitration proceedings, Mr. Zhao will make no further comment on the matter,” the company said.
While a previous Hong Kong court order has temporarily barred Zhao from talking to other potential investors, Binance suggested that the court may have now be having 2nd thoughts on whether the order should have bot issued.
The postbode continued:
“Sequoia 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 [Sequoia].”
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Albeit it did not opoffering any details on the next stage of the lawsuit, the exchange said Sequoia has bot ordered to pay Zhao’s costs ter relation to the permitido proceedings.
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