Business & Finance
16 February 2023, 5:22 pm. 1 minute
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.
Binance.US’s executives were concerned by the outflows because the transfers were taking place without their knowledge, according to messages reviewed by Reuters.
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & Finance
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story