Binance CEO Changpeng Zhao has refuted a recent report claiming that he received a $250 million loan from BAM Management, a holding company affiliated with Binance.US.
The report, published by Decrypt on September 19, cited court documents related to the ongoing legal dispute between Binance and the US Securities and Exchange Commission (SEC). According to the report, Binance.US's legal team stated in a filing that BAM Management US Holdings "issued $250 million in convertible notes to Zhao in December."
However, Zhao contested this report and responded to it on social media platform X (formerly Twitter). He posted a screenshot of the report and asserted that the outlet had it "the wrong way around." Zhao clarified in the X post that he had actually loaned BAM Management $250 million and had not yet been repaid.
In his post, Zhao also hinted at the presence of other inaccuracies in the report but did not provide further details. The SEC has been pursuing information from both Binance and Binance.US throughout its legal battle with the cryptocurrency exchange.
The SEC has filed a motion requesting that Binance facilitate depositions and provide comprehensive information to aid in the investigation. However, during a recent hearing on the matter, a judge indicated that he was not inclined to grant the inspection request at this time.
