The US court had recently denied an inspection plea by the SEC.
Binance CEO Changpeng ‘CZ’ Zhao has refuted a recent report alleging that he received a $250 million loan from BAM Management, the company that serves as the holding entity for Binance.US.
The development comes amidst Binance’s struggles with plunging trading volume as the world’s largest cryptocurrency exchange faces mounting lawsuits and increased regulatory scrutiny.The report, published by Decrypt on September 19th, drew its conclusions from court documents associated with an ongoing lawsuit involving Binance and the United States Securities and Exchange Commission. According to the news agency’s interpretation, Binance.
The Binance CEO clarified that the loan arrangement was, in fact, the opposite of what was reported. In the post, the exec explained that he had extended a $250 million loan to BAM Management, and he asserted that he had not yet received repayment.The legal battle has taken a toll on Binance.US, which saw a flurry of employee departures.
Concerns were also raised on Ceffu – which happens to be a custody service offered by Binance’s international arm – Binance Holdings Ltd. The SEC’s filing claimed that the platform appeared to be in violation of a previous agreement designed to prevent the transfer of assets abroad. Despite the scathing attacks by the financial regulator, Binance scored a small win this week. The SEC’s motion to approve an inspection into Binance.US was denied by the US D.C District Judge, Zia Faruqui.
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