Binance CEO Dismisses Decrypt Report That He Received $250 Million Loan From Affiliate, Says It Was The Other Way Around

On Sep 20, 2023

Join Our Telegram channel to stay up to date on breaking news coverage

Binance CEO Changpeng Zhao dismissed a report by Decrypt that said he took a $250 million loan from the holding company of Binance.US and said it was the other way around.

“They got the direction wrong,” he tweeted. ”I loaned $250 million to BAM a while back, not the other way around.”

He added that he’d not taken the loan back from BAM, which is Binance.US’s holding company. ‘

Decrypt’s story had examined legal papers associated with a lawsuit brought by the US Securities and Exchange Commission (SEC) against Binance.US

The amount of wrong information is just…
They got the direction wrong. I loaned $250 million to BAM a while back, not the other way around. And have not taken it back. 🤷‍♂️ pic.twitter.com/encGx1u557
— CZ 🔶 Binance (@cz_binance) September 20, 2023

SEC Faces Hurdles in Gathering Information from Binance

Amidst the ongoing legal dispute between the SEC and Binance, the SEC has repeatedly mentioned difficulties in obtaining information from both Binance and Binance.US since the beginning of the lawsuit.

To address this challenge, the SEC filed a court request for Binance to grant more access to its executives for questioning and sharing detailed information.

However, in a recent court hearing regarding this request, a judge expressed reservations about granting the SEC’s demand for access and information at this point in time.

The judge did not rule against the SEC or Binance US during Monday’s hearing, instead encouraging both parties to work together, asking the SEC to narrow its request for information and Binance needs to provide more information about custody solution. CoinDesk reported.…
— Wu Blockchain (@WuBlockchain) September 19, 2023