Global cryptocurrency exchange Binance allegedly had access to a bank account owned by its independent US partner and transferred millions of dollars from the account to a trading firm managed by the company’s CEO, Changpeng Zhao. According to banking records and company messages, over $400 million was transferred to Merit Peak Ltd, a trading firm, from the Binance.US account at Silvergate Bank over the first three months of 2021. The reason for the transfers or whether they involved Binance.US customers’ money remains unclear. Binance.US spokesperson, Kimberly Soward, did not address Reuters’ questions and said that the reporting used outdated information without elaborating further.
