Yang Tengbo, described in a ruling last week by the UK's Special Immigration Appeals Commission (SIAC) as a "close confidant" of Andrew, waived his right to anonymity on Monday so he could respond to the accusation.
"I have done nothing wrong or unlawful, and the concerns raised by the Home Office against me are ill-founded," he said in a statement released by his lawyer, referring to the UK's interior ministry.
"The widespread description of me as a 'spy' is entirely untrue."
The 50-year-old, who had previously been granted anonymity in the SIAC proceedings, was removed from a flight from Beijing to London in February 2023 and told that the UK intended to ban him from the country.
This happened the following month on national security grounds.
On Friday, Andrew, the younger brother of King Charles, issued a statement to the BBC and other media, saying he had "ceased all contact" with the individual once concerns were raised.
The ruling said evidence obtained from Yang's phone showed Andrew had authorised him to set up an international financial initiative to engage with potential partners and investors in China.
The ruling did not say what the fund was intended for.