Binance's Zhao Denies Sequoia Allegations in Hong Kong Lawsuit

(Bloomberg) -- Zhao Changpeng, founder of the world’s largest cryptocurrency exchange, has denied allegations made by a unit of Sequoia Capital in a Hong Kong lawsuit about a funding deal that went awry.

Sequoia sued Zhao, claiming that he violated his exclusivity agreements with the firm when he talked to other potential investors. While the parties are planning to settle their dispute in arbitration, the details became public after Sequoia turned to Hong Kong’s High Court and secured a temporary injunction barring Zhao from negotiating with other investors.

After Zhao challenged the injunction, the court said it would have been set aside were it still in effect.

“As the substantive issues in dispute between the parties are subject to confidential arbitration proceedings, Zhao will make no further comment on the matter,” Binance said in a statement Thursday.

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