Binance ceo zhao binance.usmiller8/31/2023 ![]() ![]() Zhao has not directly addressed the report, but on Friday he tweeted, "Remember 4.," tagging a previous post in which he listed his "Do's and Don'ts" for 2023. "Congress needs answers, and Binance.US and Silvergate are obligated to give them to us." "Something fishy is going on here that clearly doesn't pass the smell test," U.S. Securities and Exchange Commission accused FTX founder Sam Bankman-Fried in December of granting "special privileges" to his trading firm Alameda Research, allowing him to siphon off billions of dollars in FTX customer money. ![]() Regulators are concerned that some market makers have received undisclosed special treatment from crypto exchanges that may disadvantage customers. partner."īinance transferred over $400 million from the account at California-based Silvergate Bank to Merit Peak between January and March of 2021, Reuters reported on Thursday.īefore that story's publication, Binance.US had told Reuters that "Merit Peak is neither trading nor providing any kind of services on the Binance.US platform," without giving further details.īinance.US's executives were concerned by the outflows from the Silvergate account to Merit Peak because the transfers were taking place without their knowledge, according to the company messages reviewed by Reuters.Ī spokesperson for the global Binance exchange, which did not respond to Reuters' questions for the story on Thursday, told crypto news outlet CoinDesk that the transfers were "a Binance.US issue." ![]() The global Binance exchange is not licensed to operate in the United States but the transfers to Merit Peak revealed by Reuters suggest that Binance controlled the finances of Binance.US, despite saying publicly that the American entity is "fully independent" and operates as its "U.S. It did not elaborate on when in 2021 the activity ceased, or comment on Zhao's role at the trading firm. "While there was a market making firm named Merit Peak that operated on the Binance.US platform, it stopped all activity on the platform in 2021," Binance.US said in a tweet on Thursday after the Reuters story was published. partner and transferred large sums of money from the account to the trading firm, Merit Peak Ltd. Reuters reported on Thursday, citing banking records and company messages, that Binance had secret access to a bank account belonging to its purportedly independent U.S. ![]()
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