<p class="is-style-lead">On Sept. 19, Decrypt, a media outlet, shared a report about Binance’s CEO Changpeng Zhao, mysterious money movements.</p> 
<p>According to the Decrypt report, unsealed documents revealed that Zhao extended a loan of $250 million to BAM Management U.S. Holdings. Subsequently, court documents indicate that $183 million of this loan was subsequently transferred to BAM Trading through the involvement of Paxos, a New York-based issuer of Binance USD.</p> 
<h2 class="wp-block-heading" id="allegedly-wrong-information">Allegedly wrong information</h2> 
<p>Zhao has since taken to X to refute the allegation that accused him of obtaining a substantial $250 million loan from BAM Management, an entity that serves as the holding company for Binance.US.</p> 
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   <p lang="en" dir="ltr">The amount of wrong information is just…<br><br>They got the direction wrong. I loaned $250 million to BAM a while back, not the other way around. And have not taken it back. 🤷‍♂️ <a href="https://t.co/encGx1u557" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/encGx1u557</a></p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1704440507793842405?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 20, 2023</a> 
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<p>However, in the social media update, Zhao posted a screenshot of the report and asserted that the media outlet “got the direction wrong.” As per Binance’s CEO, the financial transaction occurred in the opposite direction. </p> 
<p>In the statement provided in the same post, he clarified that he had extended a $250 million loan to BAM Management, emphasizing that he had not yet reclaimed the funds.</p> 
<p> You might also like: <a href="https://crypto.news/binances-bitcoin-trading-volume-declined-by-57-in-september/" rel="noopener noreferrer nofollow"> Binance’s Bitcoin trading volume declined by 57% in September </a> </p> 
<p>Additionally, the Binance chief executive insinuated that the report contained a substantial amount of “inaccurate information.” Nonetheless, Zhao refrained from providing specific details regarding the precise inaccuracies found within the report.</p> 
<h2 class="wp-block-heading" id="another-account-of-wrong-information">Another account of “wrong information”</h2> 
<p>This development comes on the heels of a Sept. 19 report concerning a legal battle between the&nbsp;<a target="_blank" href="https://crypto.news/sec-and-binance-us-in-legal-dispute-over-customer-asset-management/" rel="noopener noreferrer nofollow">U.S. SEC and Binance.US</a>, which is operated by BAM. The dispute centers around the management and safeguarding of customer assets, with both parties slated for a pivotal court hearing scheduled for Oct. 12.</p> 
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 <div class="wp-block-embed__wrapper"> <iframe title="SEC sues Binance and CEO Changpeng Zhao over U.S. rule violations" width="1020" height="574" src="https://www.youtube.com/embed/_VaB7DyVXLU?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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<p>At the core of this conflict lies an entity referred to as “Ceffu,” which the SEC contends is a “newly rebranded Binance Entity” intricately involved in the custody of customer assets. However, Zhao denied these allegations, asserting, “Such claims are baseless.”&nbsp;</p> 
<p>In the last two days, it appears the CEO has his hands full with alleged wrong information.</p> 
<p> Read more: <a href="https://crypto.news/paysafe-ending-support-for-binances-eu-customers-some-face-early-restrictions/" rel="noopener noreferrer nofollow"> Paysafe ending support for Binance’s EU customers, some face early restrictions </a> </p>

Binance CEO disputes media report of $250 million loan

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