Venture capital firm Sequoia is suing Zhao Changpeng, the CEO and founder of Binance, currently the world’s largest cryptocurrency exchange by trade volume, for allegedly breaching an exclusivity agreement during negotiations for an investment deal which broke down last year, Bloomberg reported April 25.
Sequoia has now appealed to Hong Kong’s High Court to secure a temporary injunction to bar Zhao from negotiating with other investors, causing the dispute to go public and revealing insights into VC firms’ past valuations of the exchange.