Sequoia Capital to Sue Binance CEO

The founder of one of the largest crypto exchanges in the world acts as a defendant in the case of violation of the treaty on the granting of exclusive rights
25 April 2018   1403

As reported by Bloomberg, against the CEO of Binance Changpeng Zhao, a lawsuit was filed in Hong Kong by the California venture capital company Sequoia Capital.

Referring to the court documents, the publication says that the subject of the proceedings was the discussion of Sequoia's investment in the Binance exchange, which began last August when the trading platform was launched.

As the talks continued, Zhao allegedly stated Sequoia in mid-December, when the cost of bitcoin reached a historic high above $ 20,000, that the proposed $ 80 million for an 11 percent stake in his company did not meet the expectations of shareholders.

At the same time, Zhao negotiated with another potential investor, IDG Capital, who expressed his readiness to invest his funds in the exchange in two stages, giving it a much higher estimate: $ 400 million and $ 1 billion, respectively. Thus, Sequoia accuses Zhao of violating the treaty on the granting of exclusive rights.

Bloomberg notes that, although initially the companies intended to resolve the dispute arbitrarily, Sequoia applied to the High Court of Hong Kong to prevent further negotiations with potential investors from Binance.

The Hong Kong court allegedly ordered Zhao not to negotiate with other investors until a decision on the case was made.

Binance DEX to List 5 TrustToken Stablecoins

Binance DEX listed TrueUSD, TrueGBP, TrueAUD, TrueCAD and TrueHKD, tied to appropriate fiat currencies
08 August 2019   304

Non-custodian exchange Binance DEX in the near future conducted a listing of five new stablecoin issuer TrustToken, The Block reports.

As TrustToken said, Binance DEX added TrueUSD, TrueGBP, TrueAUD, TrueCAD and TrueHKD, exchange rates related to the US dollar, Australian dollar, Canadian dollar and Hong Kong dollar, respectively.

All five assets will be released on the blockchain. Until this moment, TrustToken stablecoins were available only in the format of ERC20 tokens on the Ethereum blockchain.

Binance DEX has new opportunities for making financial contributions. TrueUSD trading on Binance DEX should start on August 8th. Listing suggestions for other TrustToken stablecoins will be issued in the coming weeks.

TrustToken plans to launch its new or two additional blockchains before the end of the year and the new TrueSGD, the rate of which will be tied to the Singapore dollar, “soon”.