Crypto giant Binance moved $400 million from U.S. partner to firm managed by CEO Zhao

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International cryptocurrency exchange Banking records and company messages show that Binance had secret access to a bank account belonging to its ostensibly independent US partner and transferred large sums of money from the account to a trading firm managed by Binance CEO Changpeng Zhao.

According to records reviewed by Reuters for the first three months of 2021, more than $400 million flowed from the Binance.US account at California-based Silvergate Bank to this trading firm, Merit Peak Ltd. According to the records, the Binance.US account was opened in the name of BAM Trading, the operating company of the US exchange. According to company messages, the transfers to Merit Peak began in late 2020.

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Crypto giant Binance moved $400 million from U.S. partner to firm managed by CEO Zhao

International cryptocurrency exchange Banking records and company messages show that Binance had secret access to a bank account belonging to its ostensibly independent US partner and transferred large sums of money from the account to a trading firm managed by Binance CEO Changpeng Zhao.

According to records reviewed by Reuters for the first three months of 2021, more than $400 million flowed from the Binance.US account at California-based Silvergate Bank to this trading firm, Merit Peak Ltd. According to the records, the Binance.US account was opened in the name of BAM Trading, the operating company of the US exchange. According to company messages, the transfers to Merit Peak began in late 2020.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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