The world’s largest bank facing a wave of FUD due to the cessation of BUSD mint trading recently. cryptocurrency exchange Binance has come to the fore again with another event.
According to the news described as exclusive by Reuters, Binance moved $400 million from its partner from its US branch Binance.US to the parent company led by CEO Changpeng Zhao. Reuters cited company messages and bank accounts as sources.
Reuters also claimed that Binance had secret access to Binance.US’ Silvergate bank account.
Binance has moved approximately $400 million in funds from Binance US’s Silvergate Bank account to a trading firm called Merit Peak, Reuters reported on Thursday.
According to the news, Binance moved funds from BAM Trading’s Silvergate Account between January and March 2021. BAM Trading is the name of the organization that operates Binance US. Merit Peak is a trading firm that the US Securities and Exchange Commission (SEC) is investigating for its ties to Binance.
A spokesperson for the exchange told Reuters the news outlet had “out-of-date information” but did not mention the transfers.
Former Binance US CEO Catherine Coley is reportedly investigating the funds and transfers at the end of 2020. Coley left Binance US in April 2021 and has not taken a publicly disclosed role at a crypto company since.
Binance itself does not have the necessary licenses to operate in the US.
*Not investment advice.
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