Binance’s ‘Independent’ US Affiliate Bank Accounts
According to Reuters, a senior Binance official allegedly had primary influence over five bank accounts belonging to the cryptocurrency firm’s ostensibly autonomous US unit.
According to the report, Silvergate Bank approved Binance CEO Guangying Chen, a close colleague of Zhao, to run the five accounts in 2019 and 2020.
This enabled Chen and her subordinates to transfer funds from bank accounts to Binance.According to business texts included in the paper, US employees had to ask Chen’s staff to process payments, even their own salaries.
According to Reuters, Catherine Coley, the US firm’s then-chief executive, signed a banking resolution in December 2019 granting Chen authority over the accounts. Coley will leave Binance.US in 2021.
Chen allegedly signed further paperwork designating herself as the “Primary Admin User” for the five accounts.
In April, the US corporation denied that anyone outside the company had ever had access to its bank accounts.
The firm then stated that only company personnel have access to the accounts once current CEO Brian Shroder took over in late 2021, without clarifying the date difference.
(With inputs from Shikha Singh)
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