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Binance's CEO shrinks on Sequoia-related projects as a continuing legal strategy

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Cryptocurrency Exchange Binance fired a warning shot in ongoing litigation with US venture capital firm Sequoia Capital.

Binance CEO Changpeng Zhao tweeted on Monday that the company, which operates the world's largest cryptocurrency exchange based on self-reported data, is considering asking projects to disclose their affiliations with Sequoia when it's time to do so. they request the registration of their assets on the platform.

"We may soon demand that all bid projects on Binance disclose whether they have direct or indirect relationships with Sequoia," Zhao tweeted, adding that "hard-working entrepreneurs are no longer weak, to crypto! "

Zhao did not explain his cryptic tweet, nor did he categorically state that the company would discriminate against Sequoia-affiliated projects. . Binance did not immediately respond to a clarification request.

However, it is clear that the relationship between the two heavyweights remains tense as they continue to argue a dispute arising from Sequoia's failed offer to obtain a minority stake in the stock market.

As the NCC reported, the Chinese wing of Sequoia had made the offer last year to buy an 11% stake in Binance in an agreement that would have valued the company at $ 80 million. These discussions failed at the end of 2017 amidst a boom in the cryptocurrency market that saw the exchange become the largest cryptocurrency trading platform in the world. . Binance subsequently received an offer from IDG Capital that would ultimately value the exchange at $ 1 billion.

Sequoia sued Zhao in March, alleging that he had violated an exclusive deal when he had received IDG's offer. Zhao denies the allegations.

Last month, Binance announced that the Hong Kong High Court had rejected an injunction that the exchange said Sequoia had "improperly obtained" last December, adding that the CR firm had been ordered to pay Zhao's legal fees.

Currently, Binance has a daily trading volume of more than $ 2 billion, making it the second largest cryptocurrency trading platform. However, the company – which recently announced relocation to Malta, a country where bitcoins are welcome – generally outperforms its competitors in terms of total volume with a comfortable margin.

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Sequoia is one of Silicon Valley's most active venture capital firms in the field of cryptocurrency and has reportedly been engaged in fund-raising discussions with cryptocurrency exchanges around the world.

Featured image from Shutterstock.

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