Liechtenstein's regulator thwarted a deal between CEO Binance and Union Bank

By Danyakot | a whole day of positivity | 11 Aug 2020

The Liechtenstein financial markets authority (FMA) rejected Union Bank's bid to sell a large share of the business to the head of Binance, Changpeng Zhao. This is reported by The Block with reference to a local publication.

Union Bank initially planned to relaunch the business as a crypto banking platform after recent financial and legal problems. At the time of writing, the company is undergoing liquidation.

Zhao's investment would have saved the Bank from closing. According to the publication, he was going to conduct a transaction in digital currency through the company CL1 Foundation, which influenced the decision of the regulator.

Reports of Binance's plans to buy Union Bank appeared at the end of last year. Then the financial Director of the exchange, Wei Zhou, denied this information, calling it inaccurate.

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