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Binance CEO denies news of $250 million loan from BAM Management

CEO of Binance, Changpeng Zhaoobjected to recent news from the executive Received a $250 million loan from BAM ManagementA company that serves as the holding company for Binance.US.

on September 19 decrypt He commented on court documents regarding the case between Binance and the US Securities and Exchange Commission (SEC). The news reported that Binance US’s legal team claimed that: BAM Management USA Holdings “Issued $250 million worth of convertible notes to Zhao in December”. But, Zhao disputed this news and stated his lie about X (formerly Twitter).

The amount of misinformation…

They went the wrong way. A while ago I lent $250 million to BAM, not the other way around. And I didn’t take them back. ‍♂️

— CZ Binance (@cz_binance) September 20, 2023

In the post, Zhao shared a screenshot of the news and stated that the output was as follows: “He went down the wrong path”. According to Binance CEO, credit was the exact opposite. in tweet He announced that he was the person who gave a loan of 250 million dollars to BAM Management He claimed he had not received it back yet.

Additionally, the Binance manager has a lot of “incorrect information” in the report. However, Zhao did not specify what other details were incorrect.

Throughout its legal battle with Binance, the SEC has repeatedly stated that it had difficulty obtaining information from Binance. Binance And Binance.USA. For this reason, SEC filed a motion asking Binance to make its executives more accommodating of deposits and provide detailed information. But at a recent hearing to discuss the SEC’s motion, the judge stated that it is not currently “I tend to let the audit take place.”

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