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Binance.US Legal Team: The $250 Million Loan Is a $250 Million Convertible Note Issued to CZ

According to court documents released this week, Binance CEO Zhao Changpeng obtained a $250 million loan from BAM Management US Holdings and then transferred it to BAM Trading. Binance.US legal team responded in the documents that BAM Management US Holdings issued $250 million convertible notes to Zhao in December.

Zhao used BUSD to purchase the note, with $183 million sent to Paxos Trust Company, the issuer of BUSD, to convert BUSD into USD. These funds were then transferred to BAM Trading in January 2023. Paxos Trust is a fintech company that partnered with Binance to launch BUSD in 2019, and stopped minting BUSD in February after receiving a Wells notice from the SEC.

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