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Exclusive: CEO Zhao-led firm now controls $400 million that the crypto giant Binance transferred from a U.S. partner

Binance U.S cryptocurrencies platform
Binance U.S cryptocurrencies platform

According to a Reuters investigation, Binance.US, a supposedly independent US partner of Binance, secretly got access to the US partner’s bank account and transferred a sizable sum of money to a trading firm operated by Binance CEO Changpeng Zhao called Merit Peak Ltd.

With users in more than 180 countries, Binance is the largest cryptocurrency exchange in the world by volume. It is really easy to use and provides beginners with several excellent features. Use the excellent instructional area of the Binance Academy to increase your crypto experience.

Binance offers various services, from those for complete beginners to those for “DeFi degens.” Additionally, in response to increasing regulatory pressure in some nations, Binance has improved its regulatory compliance by building a reliable user authentication system and removing (or restricting) several problematic features, such as security tokens and highly leveraged trading.

Binance U.S cryptocurrencies platform

Binance Credit: Bloomberg

 

Documents show that during the first three months of 2021, more than $400 million was transferred from the California-based Silvergate Bank’s Binance.US account to Merit Peak Ltd.

The transactions were unknown to Binance.US executives, and it is still being determined why they were made.

According to company messages, merit Peak started getting transactions in late 2020, but Reuters needed help figuring out if any payments came from Binance.

The Key Vision Development Ltd, a Seychelles-incorporated business whose account included some funds, was a Silvergate client, according to an ex-Silgate executive who attested to this.

As part of their ongoing investigations into possible violations of financial laws, the Department of Justice and the Securities and Exchange Commission have asked Binance and Binance.US for information about their relationship. One of the things they are looking into is whether Binance is using the American exchange as a front for doing business.

According to Binance.US, its partnership with Binance.com is based on a shared brand and a technology licensing agreement and does not involve exchanging money.

 


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