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The Liechtenstein Financial Market Authority (FMA) has rejected Union Bank's application to include Binance's CEO Changpeng Zhao in the list of the company's main shareholders.

The Block has reported citing the Swiss media that Zhao's investment could have prevented the closure of the bank, which is experiencing financial and legal problems, including allegations of corruption against its former major shareholder.

The idea was to relaunch the Union Bank, which is currently in the process of liquidation, as a crypto banking platform.

Media reports suggest the deal has also been hampered by Zhao's desire to carry out the transaction with cryptos through an entity called CL1 Foundation.

Previously, Binance has denied rumors it planned to acquire Union Bank.

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