Binance CEO Denies Reports of $250 Million Loan to BAM Management

Chanpeng Zhao, the CEO of Binance, said that the loan was the other way around, claiming that he was the one who lent $250 million to BAM Management.

Binance Ceo Refutes Report On $250m Loan To Bam Management_65b97b92ead5d.png

Binance CEO Changpeng Zhao has disputed a recent report that claimed the executive took a $250 million loan from BAM Management, a firm that acts as Binance.US’ holdings company.

On Sept. 19, a report from the media outlet Decrypt interpreted court documents related to a lawsuit between Binance and the United States Securities and Exchange Commission (SEC). The report said that Binance US’s legal team claimed in the documents that BAM Management US Holdings “issued a $250 million convertible note to Zhao in December.” However, Zhao disputed the report and expressed his rebuttal on X (formerly Twitter).

Binance CEO Denies Reports of $250 Million Loan to BAM Management
Binance CEO Denies Reports of $250 Million Loan to BAM Management

In a post, Zhao shared a screenshot of the report and said that the outlet “got the direction wrong.” According to the Binance CEO, the loan was the other way around. He explained in the tweet that he was the one who gave BAM Management $250 million as a loan and claimed that he had not yet taken it back.

The Binance executive also implied in the tweet that there is lot of “wrong information” in the report. However, Zhao did not further specify which other details of the report were inaccurate.

Amid its legal battle with Binance, the SEC has claimed repeatedly that it has been struggling to extract information from Binance and Binance.US since the start of the lawsuit. Because of this, the SEC filed a motion to require Binance to make its executives more available for depositions and hand over detailed information. However, in a recent hearing to discuss the SEC’s motion, a judge said that he wasn’t “inclined to allow the inspection” at the moment.

Follow AZC.News to get the latest crypto market updates, in-depth analysis and potential Airdrops:

(100 votes)

5.0/5

(100 votes)

Latest

Sei Network Sets New Record As Tvl Surpasses $626 Million

News | Altcoin | Editor Choice

Sei Network Sets New Record as TVL Surpasses $626 Million

Sei Network (SEI) is gaining significant attention in the crypto community as its Total Value Locked (TVL) recently reached an all-time high of over $626 million.

Cz Warns Investors Don't Expect To Get Rich Quickly From Crypto

News | Editor Choice | Policy & Regulations

CZ Warns Investors: “Don’t Expect to Get Rich Quickly from Crypto”

Former Binance CEO Changpeng Zhao warns investors not to view cryptocurrency as a get-rich-quick tool, emphasizing that only those with patience and a deep understanding of the market can truly succeed.

How To Participate In Sunscreen Airdrop

Airdrops | Editor Choice

How to Participate in Sunscreen Airdrop

Join the Sunscreen airdrop hunt! The project has successfully raised $4.65 million and is currently allowing users to earn points.

Gate.io Suddenly Deletes Pump.fun’s Pump Token Presale Announcement

News | Editor Choice | Memecoin | Policy & Regulations

Gate.io Suddenly Deletes Pump.fun’s PUMP Token Presale Announcement

Gate.io sparked confusion in the crypto community after suddenly deleting its announcement about the presale of Pump.fun’s PUMP token, raising questions about the legitimacy and future of the potential partnership between the two platforms.

Us Government Moves Eth To Exchanges For Potential Sell Off

Altcoin | Editor Choice

U.S. Government Moves ETH to Exchanges for Potential Sell-Off?

This morning, the U.S. Government wallet address deposited over 86 ETH (worth $219,000) on the Coinbase exchange, raising concerns about a potential sell-off.