Binance US Moved $400 mn To Sister Unit
According to documents obtained by Reuters, cryptocurrency exchange Binance US transferred $400 million from its platform to a trading firm managed by Binance CEO Changpeng Zhao.
According to the news agency, the funds were transferred from the Binance US account at Silvergate Bank to Merit Peak Ltd in the first three months of 2021.
Merit Peak Ltd is a little-known trading firm that Zhao allegedly manages. The Securities and Exchange Commission announced last year that it was looking into the firm.
Binance US executives concerned about the flow of funds. Former Binance US CEO Catherine Coley asked about the transfers at the time, referring to them as “unexpected,”. Coley was unceremoniously ousted as CEO of Binance US in April 2021, replaced by former OCC Chief Brian Brooks—who himself departed the company three months later.
(With inputs from Shikha Singh)
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