skip to Main Content
bitcoin
Bitcoin (BTC) $ 98,594.42 0.59%
ethereum
Ethereum (ETH) $ 3,357.93 0.46%
tether
Tether (USDT) $ 1.00 0.00%
solana
Solana (SOL) $ 258.56 0.49%
bnb
BNB (BNB) $ 671.90 6.81%
xrp
XRP (XRP) $ 1.55 12.05%
dogecoin
Dogecoin (DOGE) $ 0.459533 17.04%
cardano
Cardano (ADA) $ 1.10 27.85%
usd-coin
USDC (USDC) $ 1.00 0.01%
staked-ether
Lido Staked Ether (STETH) $ 3,368.60 0.17%

Binance moved $400M from Binance.US account to firm tied to CZ: Report

A Binance.US spokesperson reportedly said only the exchange’s employees had access to its accounts, seemingly including any at Silvergate Bank.

54 Total views

1 Total shares

Binance moved $400M from Binance.US account to firm tied to CZ: Report

Own this piece of history

Collect this article as an NFT

An investigative report has suggested that major cryptocurrency exchange Binance was behind transferring roughly $400 million in funds from a Binance.US account to a trading firm managed by Changpeng Zhao.

According to a Feb. 16 Reuters report, an investigation of Binance’s banking records and company messages showed more than $400 million was sent in a series of transactions starting in 2020 from an account controlled by Binance.US to trading firm Merit Peak. The United States Securities and Exchange Commission reportedly launched a probe into potential connections between Binance.US and the same trading firm in February 2022.

Reuters reported that a Binance.US spokesperson said Merit Peak was “neither trading nor providing any kind of services on the Binance.US platform” and only the exchange’s employees had access to its bank accounts. Funds were stored by Binance.US doing business as BAM Trading Services at Silvergate Bank.

The report dropped amid Binance publishing a blog post on ‘Building Trust in the Crypto Ecosystem’, in which the exchange said customer assets “should only be used in the ways that the customers have explicitly authorized.” Binance pushed back against a similar Reuters report from June 2022 alleging the exchange facilitated billions of dollars worth of money laundering, claiming the news outlet was spreading disinformation.

This story is developing and will be updated.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top