Binance Denies Charges By Sequoia Capital
April 26, 2018
The world’s largest crypto exchange Binance has published a statement on its website and denies the accusations voiced that the exchange broke agreement of exclusivity with venture company Sequoia Capital.
As became known yesterday, investment company Sequoia Capital charges Binance with violating from the mentioned agreement. The exchange refused from the company’s offer of $400 million having claimed the figure does not meet the shareholders’ expectations. Right after this the head of the exchange Zhao Changpeng initiated negotiations with another company IDG Capital that made more lucrative offer. Sequoia Capital (SCC) in its turn applied to the court with the view to deprive Binance of the right to negotiate with other investors.
“SCC 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”, the statement says.
Finally the message by Binance says, Zhao Changpeng won’t give any comment on the situation for privacy reasons.