Changpeng Zhao denies FMA’s ban on Union Bank deal

According to media reports, Liechtenstein’s Financial Market Authority (FMA) rejected Union Bank’s application to include Binance CEO Changpeng Zhao as a major shareholder. Zhao denied this information.

According to the Swiss edition Inside Paradeplatz, Changpeng Zhao’s investment could solve the bank’s financial and legal problems and prevent its closure. The bank is known to have experienced difficulties due to a corruption and money laundering lawsuit involving a former major guarantor of Union Bank. 

The bank’s management had planned to resume operations as a cryptocurrency banking platform, but today Union Bank is in the process of liquidation. Note that Union Bank was known for its loyalty to blockchain and cryptocurrencies. So, in 2018, he announced his intention to issue his own share tokens.

According to Inside Paradeplatz, Union Bank management held talks with representatives from Binance and Liechtenstein’s financial regulator. Zhao intended to complete a cryptocurrency transaction with Union Bank through the CL1 Foundation. However, this affected the FMA’s decision, which last month rejected the bank’s bid to sell a large stake to a Binance executive.

Zhao later called this information inaccurate. He denies that the FMA has banned the deal, and also denies the existence of the very application for the inclusion of his candidacy in the list of major shareholders of Union Bank. At the same time, Binance is ready to cooperate with Union Bank and its new investors. Zhao said on Twitter that “there has been so much questionable news lately and so little truth.” 

Recall that in the fall, Changpeng Zhao was going to sue The Block for publishing an article about the closure of the Shanghai office of the exchange as a result of a police raid. Zhao claimed that Binance does not have an office in Shanghai.

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