Cryptocurrency News

Binance CEO refutes report on $250M loan to BAM Management


Binance CEO Changpeng Zhao has disputed a recent report that claimed the executive took a $250 million loan from BAM Management, a firm that acts as Binance.US’ holdings company. 

On Sept. 19, a report from the media outlet Decrypt interpreted court documents related to a lawsuit between Binance and the United States Securities and Exchange Commission (SEC). The report said that Binance US’s legal team claimed in the documents that BAM Management US Holdings “issued a $250 million convertible note to Zhao in December.” However, Zhao disputed the report and expressed his rebuttal on X (formerly Twitter).

In a post, Zhao shared a screenshot of the report and said that the outlet “got the direction wrong.” According to the Binance CEO, the loan was the other way around. He explained in the tweet that he was the one who gave BAM Management $250 million as a loan and claimed that he had not yet taken it back. 

The Binance executive also implied in the tweet that there is lot of “wrong information” in the report. However, Zhao did not further specify which other details of the report were inaccurate.

Related: CZ post on X about Ceffu and Binance.US contradicts SEC claims, adds to confusion

Amid its legal battle with Binance, the SEC has claimed repeatedly that it has been struggling to extract information from Binance and Binance.US since the start of the lawsuit. Because of this, the SEC filed a motion to require Binance to make its executives more available for depositions and hand over detailed information. However, in a recent hearing to discuss the SEC’s motion, a judge said that he wasn’t “inclined to allow the inspection” at the moment.

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