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

Crypto exchange Binance has released a statement today, April 26, denying allegationsagainst 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.

In the online statement published today, Binance’s legal team writes that the “SCC [Sequoia Capital China] obtained an ex parte injunction without notice against Mr. Zhao at the end of December 2017,” stating: […]

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