Binance CEO refutes $250M loan report to BAM management

In response to the SEC’s allegations, CEO of Binance, Changpeng Zhao, declared that he had actually provided a $250 million loan to BAM Management, contradicting the reported claims.

Changpeng Zhao, the CEO of Binance, has denied reports from Decrypt that suggested he received a  $250 million loan from BAM Management, the holding company for Binance. US. Decrypt’s report, which analyzed court documents relating to a lawsuit involving Binance and the SEC, alleged that Zhao had taken out a $250 million loan.

Court documents presented in the report indicated that Binance.US’ legal team stated that Zhao had received a $250 million convertible note from BAM Management US Holdings in December. However, Zhao took to X (formerly Twitter) to challenge this assertion.

https://twitter.com/cz_binance/status/1704440507793842405?t=3PzdGGQB5Qcnon5kjr-mgg&s=19

In response, Zhao used X (formerly Twitter) to share a screenshot of the report and stated, “They got the direction wrong.” “I loaned them $250 million, not the other way round.” He further clarified that BAM Management owed him money, and the situation was not the reverse.

In his post, Binance CEO implied that the report contained numerous inaccuracies, but he did not specify which other details of the report were incorrect.

As the legal battle between Binance and the SEC continues, the SEC has alleged that it has faced challenges in obtaining information from both Binance and Binance.US since the lawsuit began. In response, the SEC filed a motion requesting that Binance make its executives more accessible for depositions and provide more detailed information.

However, a judge overseeing the SEC’s motion hearing reportedly expressed reluctance about granting the request, stating that he was “not inclined to allow the inspection” at this time.