FMA Liechtenstein banned a transaction among CEO Binance, Chanpeng Zhao and Union BankThe Liechtenstein Financial Market Authority (FMA) rejected Union Bank's application to include Binance CEO Changpeng Zhao in the list of major participants in the company.
Union Bank originally planned to restart the business as a crypto banking platform following recent financial and legal troubles. At the time of writing, the company is undergoing liquidation. An investment by Changpeng Zhao would save the bank from closure and turn it into another scam under the name of Binance. According to the publication, he was going to conduct a transaction in digital currency through the CL1 Foundation, which negatively influenced the decision of the FMA regulator.
Reports of Binance's plans to buy Union Bank emerged at the end of last 2019, as rumors spread by Binance representatives themselves on social media and the media. Then the financial director of the exchange Wei Zhou denied this information, calling it inaccurate:
"The reports that Binance is investing into Liechtenstein Union Bank or has applied with the Financial Market Authority to become a shareholder of the Bank are inaccurate, - Binance CFO, Wei Zhou, told The Block. - We are open for cooperation with Union Bank and its new investors. Binance intends to add secure and reliable fiat channels for the distribution of cryptocurrencies around the world".
In a comment to ScamBinance.Com, a Binance official tried to state that the exchange did not plan to invest in Union Bank and promote Changpeng Zhao's board of directors, and that the FMA regulator had not rejected anything. We are already accustomed to the fact that publicly Binance is trying to deceive and it does not matter that from deception literally immediately becomes comical.
The media then claimed that representatives of the exchange were negotiating in Zurich with a well-known specialist in commercial law, Wolfram Kuoni, regarding the conclusion of the transaction. The lawyers assumed that the FMA regulator would approve it if the Binance exchange met the necessary conditions. According to the order, she was required to apply for admission to the ranks of the company's participants and deposit 15 million francs into an escrow account. But, as usual at Binance casinos, something went wrong.