According to Bloomberg’s statement on April 25, venture capital firm Sequoia, now Zune Changpeng, the world’s largest crypto currency, is trading at the largest cryptocurrency of trade volume, claiming that it violated its exclusivity agreement during an investment contract negotiations that broke out last year Zhao Changpeng who is engaged in the case.
Sequoia now appealed to the Supreme Court of Hong Kong to seek a provisional injunction to prevent Zhao from meeting other investors, causing the dispute to be open to the public and VC firms to create insights into past stock valuations.
Referring to the Supreme Court’s documents, Bloomberg, Zhao and Sequoia reportedly started negotiating conditions for an 11% investment in Binance in August 2017 with a valuation of $ 80 million. Talks continued with Bitcoin’s trade price rising to $ 20,000 in mid-December. Zhao’s negotiators concluded that negotiations had come to an end when negotiations were thought to ignore the deal.
When the Sequoia deal fell, the alleged breach of exclusivity, including another VC venture firm IDG Capital, said the interest in investing in Binance on two funding tours was worth $ 400 million and $ 1 billion, respectively.
Bloomberg stated that the IDG responded to questions about the news release and did not invest in Binance and had no relationship with the stock exchange. Meanwhile, Sequoia and Zhao are reportedly intending to resolve the dispute in the arbitration.
In interviews with Bloomberg, Zhao claimed that his personal fortune was $ 2 billion, but he refused to prove his fortune and to grant access to Binance’s financial statements. He also said that Binance does not need to invest in VC investment companies, and that it is only interested in partnerships.
It is not yet clear whether Binance’s multinational presence will be able to isolate it from the traditional financial system and whether there will be a safe area for maneuvering from regulatory requirements.
Japan’s Financial Services Authority (FSA) ordered Binance, based in Hong Kong, to stop its activities in Japan on the grounds that it did not register with the Japanese stock exchange. Zhao explained that the company will open an office in Malta. Hong Kong’s Securities and Futures Commission also warned crypto stock exchanges this year, including Binance.