Binance Denies Report It Was Blocked From Installing Its CEO on Board of Failing Bank

Binance Denies Report It Was Blocked From Installing Its CEO on Board of Failing Bank

Binance CEO Changpeng Zhao (Binance)

Binance said reports Liechtenstein authorities blocked a deal to put its CEO, Changpeng Zhao, on the board of a now-defunct bank are unfounded.

On Monday, Swiss newspaper reported Liechtenstein’s Financial Market Authority (FMA) had rejected an application in July by Union Bank to put Zhao on its board in a bid to rescue the company from imminent liquidation.

But speaking to CoinDesk, a Binance spokesperson denied a deal had been blocked by the FMA and that there was no application to bring the exchange on as a major shareholder of Union Bank. “Binance did not try to invest, and did not try to put CZ on the board,” they said in a Telegram message.

In a statement, Binance’s CFO Wei Zhou said it had not tried to acquire Union Bank nor put anything in front of the FMA for approval.

Binance’s spokesperson, however, declined to comment on whether reports covering the deal were factually inaccurate.

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