With reference to the Hong Kong legal proceedings between Mr. Zhao Changpeng (“Mr. Zhao”) and a subsidiary of Sequoia Capital China (“SCC”), Binance wishes to make the following statement:



SCC obtained an ex parte injunction without notice against Mr. Zhao at the end of December 2017. After a hearing attended by both parties’ legal representatives in April 2018, the High Court of Hong Kong has now determined that this injunction should not have been granted, as it had been improperly obtained and constituted an abuse of process by SCC. On this basis, SCC was ordered to pay Mr. Zhao’s costs in relation to the legal proceedings.



Mr. Zhao denies all of SCC’s allegations relating to the present dispute.



As the substantive issues in dispute between the parties are subject to confidential arbitration proceedings, Mr. Zhao will make no further comment on the matter.