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SirWin
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Binance CEO disputes media report of $250 million loan

binance-ceo-disputes-media-report-of-250-million-loan
Edited by
News
Binance CEO disputes media report of $250 million loan

On Sept. 19, Decrypt, a media outlet, shared a report about Binance’s CEO Changpeng Zhao, mysterious money movements.

According to the Decrypt report, unsealed documents revealed that Zhao extended a loan of $250 million to BAM Management U.S. Holdings. Subsequently, court documents indicate that $183 million of this loan was subsequently transferred to BAM Trading through the involvement of Paxos, a New York-based issuer of Binance USD.

Allegedly wrong information

Zhao has since taken to X to refute the allegation that accused him of obtaining a substantial $250 million loan from BAM Management, an entity that serves as the holding company for Binance.US.

However, in the social media update, Zhao posted a screenshot of the report and asserted that the media outlet “got the direction wrong.” As per Binance’s CEO, the financial transaction occurred in the opposite direction.

In the statement provided in the same post, he clarified that he had extended a $250 million loan to BAM Management, emphasizing that he had not yet reclaimed the funds.

Additionally, the Binance chief executive insinuated that the report contained a substantial amount of “inaccurate information.” Nonetheless, Zhao refrained from providing specific details regarding the precise inaccuracies found within the report.

Another account of “wrong information”

This development comes on the heels of a Sept. 19 report concerning a legal battle between the U.S. SEC and Binance.US, which is operated by BAM. The dispute centers around the management and safeguarding of customer assets, with both parties slated for a pivotal court hearing scheduled for Oct. 12.

At the core of this conflict lies an entity referred to as “Ceffu,” which the SEC contends is a “newly rebranded Binance Entity” intricately involved in the custody of customer assets. However, Zhao denied these allegations, asserting, “Such claims are baseless.” 

In the last two days, it appears the CEO has his hands full with alleged wrong information.