• Binance.US has refuted a Reuters report which claimed that the international exchange allegedly moved $400 million from an account belonging to the American affiliate.
• The U.S. exchange stated that only its executives have access to its bank accounts and that Merit Peak, a trading firm listed with CEO Changpeng Zhao as manager, stopped operating on the platform in 2021.
• Binance.US clarified that it has never – and will never – trade non-compliant securities on its platform and operates under strict banking and AML/CFT regulations set by the U.S government.
Binance Refutes Report
Binance.US has come out to clear the air following reports that its international partner Binance accessed the firm’s bank account and transferred over $400M. Binance.US refuted an earlier report made by Reuters, which stated that the international exchange allegedly moved $400 million from an account belonging to the American affiliate.
Only Executives Have Access
In an attempt to clarify the situation, Binance.US said that only executives of the platform had such access to its bank accounts.
Report Alleged Transfer
A report released by Reuters on Thursday (Feb 16, 2023) alleged that bank records and company messages revealed that crypto exchange giant Binance transferred over $400 million from a Binance US bank account at Silvergate to a trading firm called Merit Peak in the first quarter of 2021. According to the publication, Merit Peak listed CEO Changpeng Zhao, otherwise known as „CZ,“ as its manager.
Binace Denies Report
Binance US has issued a statement via tweet refuting this report claiming it is incorrect and outdated without going into details while acknowledging at same time acknowledging Merit Peak’s existence but stating it stopped operating on their platform in 2021 stressing again only executives of their company had access to their bank accounts saying “Binace US has never -and will never – trade non-compliant securities on their platform“.
Strict Regulations Followed
The tweet further stressed that they operate under strict banking and AML/CFT regulations set by United States government assuring users of their compliance with these laws when dealing with customers funds or information about them collected through KYC processes