Reuters reported exclusively that global cryptocurrency exchange Binance had secret access to a bank account belonging to its purportedly independent U.S. partner and transferred large sums of money from the account to a trading firm managed by Binance CEO Changpeng Zhao. Over the first three months of 2021, more than $400 million flowed from the Binance.US account at a California-based bank to this firm, Merit Peak Ltd, according to records reviewed by Reuters.
Business & Finance
Crypto giant Binance moved $400 million from U.S. partner to firm managed by CEO Zhao
16 February 2023, 5:22 pm 1 minute
Market Impact
Binance.US’s executives were concerned by the outflows because the transfers were taking place without their knowledge, according to messages reviewed by Reuters.
Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & Finance
Regions: Americas
Countries: US
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
