Sequoia Sues Crypto Exchange Binance After Investment Deal Collapses

The founder of one of the world’s largest cryptocurrency exchanges is being sued by a big-name venture capital firm for allegedly breaching an exclusivity agreement.

According to a report by Bloomberg published Wednesday, Binance’s Zhao Changpeng is currently facing a lawsuit brought to the high court in Hong Kong by California-based venture capital firm Sequoia Capital.

Citing court documents dating back to March, the news source said the issue stems from a discussion of an injection of capital into the company last year when the platform was first launched.

As the talks continued, Zhao reportedly told Sequoia in mid-December – when the price of bitcoin hac surged to a record high of nearly $20,000 – that a proposed valuation of $80 million for an 11 percent stake in the firm would not match the expectations of the firm’s shareholders…

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