Binance: Hong Kong Court Ruled VC Firm Sequoia’s Allegations Against CEO CZ Invalid

Crypto exchange Binance has released a statement, denying allegations against Binance CEO Changpeng Zhao that he broke an exclusivity contract with VC firm Sequoia last fall. Sequoia had sought a temporary injunction against Zhao, known in the crypto community as “CZ”,  to prevent him from negotiating with other investors after Zhao’s negotiators had broken off a deal with Sequoia last December, reportedly due to the rising price of BTC making the terms unfavorable to Binance. Accordinf to the statement, after a hearing attended by both parties’ legal representatives in April 2018, the High Court of Hong Kong has determined that this injunction should not have been granted, as it had been improperly obtained and constituted an abuse of process by SCC. The statement adds that Zhao will make no further comment on the situation.

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