Liechtenstein Financial Market Authority Rejected CZ’s Application To Become Union Bank Shareholder

August 14, 2020 5:00 PM UTC

The Liechtenstein Financial Market Authority has discarded Union Bank’s proposal to on-board Changpeng Zhao, CEO of Binance, as a “major” shareholder, reported by Swiss media.

The shareholder news was circling for a long time in the media. The bank had intended to become a crypto banking platform, but now Union is going to liquidate. On August 10, Paradeplatz, Swiss-based news channels, reported that CZ investment could protect Union from closing. However, the FMA refused the proposal of additional expertise for assistance. 

Bank Carriers Serious Legal Allegations

Union Bank has been involved in several financial and legal difficulties. Konstantyn Zhevago, the former advisor from Ukrainian, has been involved in money laundering since 2019. 

Pointing CZ as a new shareholder could be beneficial for the institution’s future. However, Paradeplatz’s report revealed that the deal enters toward a closed path as Binance intended to conduct crypto transactions by CL1 Foundation. A Binance spokesperson stated that “Binance did not try to put CZ (Changpeng Zhao) on the board.” He added, “Binance was not rejected by the Liechtenstein Financial Marketing Authority (FMA) as reported for an ‘application for Union Bank to bring on Binance as a major shareholder.”

Moreover, Wei Zhou, the chief financial officer of Binance, had openly rejected the rumor news of becoming Union Bank shareholder, Zhou said: 

 “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.”

While at the time of reporting Paradeplatz stated that Banks Officials had been trying to convince the Liechtenstein Financial Market Authority and Binance Representatives.

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