Binance CEO Denies Receiving $250M Loan from BAM Management, Says it is "the Other Way Around"
Binance CEO Changpeng Zhao has refuted claims that he received a $250 million loan from BAM Management, the holding company of Binance.US, saying that it was the other way around.
In a Wednesday tweet, the crypto boss said he "loaned $250 million to BAM a while back, not the other way around." CZ even claimed that he has not taken the loan back yet.
The dispute arose following a report by crypto media outlet Decrypt, which analyzed court documents related to the lawsuit.
In the report, the media claimed that Binance.US' legal team wrote in the documents that BAM Management US Holdings issued a $250 million convertible note to Zhao in December.
The article has since been updated to reflect the fact that Zhao was the one to lend out $250 million to BAM.
While Zhao acknowledged that there were inaccuracies in the report, he did not specify the other details that he believed were incorrect.
Back in June, the SEC sued Binance and its CEO for their “blatant disregard of the federal securities laws,” unveiling 13 charges against the platform, including operating an unregistered exchange.
The agency accused Binance of breaking the law by offering unregistered securities to the general public, including its BNB token and BUSD stablecoin.
Binance.US has refuted the SEC's allegations of misconduct in non-motion documents, asserting that there is no evidence of commingled funds, control by Binance CEO Changpeng Zhao, or diversion of customer assets.
So far in the legal battle, the SEC has repeatedly claimed that it has been struggling to obtain information from the exchange.
Consequently, the SEC filed a motion requesting Binance to make its executives more available for depositions and provide detailed information.
However, during a
Read more on cryptonews.com
