Binance Founder Zhao Changpeng, Denies Allegations By Sequoia In Hong Kong Lawsuit

Binance Founder Zhao Changpeng, Denies Allegations By Sequoia In Hong Kong Lawsuit

General News
April 26, 2018 by Bitzamp
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Binance Founder Zhao Changpeng, Denies Allegations By Sequoia In Hong Kong Lawsuit Binance chief Zhao Changpeng, founder of the world’s largest cryptocurrency exchange, has formally denied allegations made by venture capital firm Sequoia Capital about a failed funding deal. As reported yesterday, the case stems from the collapse of negotiations for an investment in Binance
Bitzamp

Binance Founder Zhao Changpeng, Denies Allegations By Sequoia In Hong Kong Lawsuit
Binance chief Zhao Changpeng, founder of the world’s largest cryptocurrency exchange, has formally denied allegations made by venture capital firm Sequoia Capital about a failed funding deal.

As reported yesterday, the case stems from the collapse of negotiations for an investment in Binance by Sequoia. After the talks failed, the VC firm brought the lawsuit against Zhao, accusing him of breaking an exclusivity agreement by talking to another potential investor IDG Capital in December last year.

“Mr. Zhao denies all of SCC’s allegations relating to the present dispute,” the announcement added, further stating the SCC was ordered by the Hong Kong High Court to pay for Zhao’s legal costs in relation to the injunction procedure.

After Zhao challenged the injunction, the court said it would have been set aside were it still in effect.
In a statement on Thursday, Binance confirmed that the ‘ex parte conjunction’ was obtained without notice to Zhao.

The post said:

“Sequoia 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.

 


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