• Binance.US has refuted reports that its parent company, Binance, transferred $400 million from its bank account
• The American affiliate affirmed that only its executives have access to the firm’s bank accounts
• The crypto exchange giant also stated that Merit Peak, a trading firm listed under CZ as manager, stopped operating on the platform in 2021
Binance.US Refutes Reuters 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 To Bank Accounts
In an attempt to clarify the situation, Binance.US said that only executives of the platform had such access to its bank accounts.
Reports Of $400 Million Transfer Unfounded
A report released by Reuters on Thursday (Feb. 16, 2023) claimed 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, the trading firm listed CEO Changpeng Zhao, otherwise known as „CZ,“ as its manager.
Binance Denies Report
Binance.US has issued a statement via a tweet stating that the report was incorrect and outdated without going into details. While the American affiliate acknowledged the existence of Merit Peak,the firm stated that it stopped operating on their platform in 2021. The tweet further stressed that only executives of their company could access their bank accounts and they had never -and will never – trade with customer funds or use them for any inappropriate purposes .
Conclusion
BInance US has denied allegations of moving $400 million from one of their Bank accunts , asserting instead thar only executive personnel have access to these accounts and no untoward activity is occuring with customer funds .