Binance, the world's largest cryptocurrency exchange by 24-hour trading volume, said Thursday that the allegations raised by Venture capital Firm Sequoia has been denied by its Founder and Chief Executive Officer Zhao Changpeng. Binance was providing an update on the Hong Kong High Court's legal proceedings between Zhao and a subsidiary of Sequoia Capital China (SCC).
Binance said, "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."
Binance noted that Sequoia had obtained an ex-parte injunction without notice against Zhao at the end of December 2017.
According to reports, Sequoia has alleged that Zhao breached an exclusivity agreement while negotiating for an investment deal which broke down in December.
Zhao is reportedly accused of breaking the exclusivity agreement by talking to another potential investor IDG Capital.
Sequoia then appealed to the High Court to secure an ex-parte temporary injunction in December last week to bar Zhao from negotiating with other investors. However, the court had second thoughts on the injunction after the hearing in April 2018.
Binance said Sequoia is now ordered to pay Zhao's costs for legal proceedings.
The statement adds that Zhao will make no further comment on the matter as the issues in dispute are subject to confidential arbitration proceedings.
Hong Kong-based exchange Binance is also in the process of opening business in Malta after it fell out of favor with the Japanese financial regulator for failing to get a license to operate in the country.
For comments and feedback contact: editorial@rttnews.com
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.