Binance: Court in Hong Kong Rules VC Firm Sequoia’s Allegations against Zhao Invalid
The Statement was Released Today 26th April
Binance crypto exchange has released a statement today 26th April. They denied the allegations against Binance CEO Changpeng Zhao which broke an exclusive contract with the VC firm Sequoia latest fall.
Sequoia was involved in seeking a temporary injunction against Changpeng Zhao, who is well known the cryptocurrency world as “CZ”, preventing him from making negotiations with the various investors after the known negotiators broke a deal in December with Sequoia. This is due to the BTC rising price which makes terms unfavorable for Binance.
According to the online statement which was released today, Binance legal team made the statement that the “SCC [Sequoia Capital China] obtained an ex parte injunction without notice against Mr. Zhao at the end of December 2017.”
“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.”
Therefore, the statement denoted that Zhao would not make any further comments on that situation.
Binance is the topmost crypto trading exchange according to the 24-hour trading volume. Today, it reported $2.6 billion capacity. Additionally, according to the recent news, the crypto exchange made reports that they would open a new office based in Malta. This was after it received news and a notice of its unregistered status in Japan by the Financial Services Authority in the country.