Binance moved $400M from Binance.US account to firm tied to CZ: Report

The investigative report suggests that major cryptocurrency exchange Binance transferred about $400 million from a Binance.US account to a trading firm run by Changpeng Zhao.

According to a Reuters report on Feb. 16, an investigation into Binance’s banking records and company communications showed over $400 million has been sent in a series of transactions since 2020 from an account controlled by Binance.US to trading firm Merit Peak. The US Securities and Exchange Commission reportedly launched an investigation into potential ties between Binance.US and the same trading firm in February 2022.

Reuters reported that a Binance.US spokesperson stated that Merit Peak “does not trade or provide any services on the Binance.US platform” and only exchange employees had access to its bank accounts. BAM merchant services at Silvergate Bank.

The report fell on the background of Binance publishing a blog post on “Building Trust in the Crypto Ecosystem” in which the exchange stated that clients’ assets “should only be used in ways that clients have expressly permitted.” Binance took issue with a similar June 2022 Reuters report alleging that the exchange facilitated billions of dollars in money laundering, alleging that the news outlet was spreading disinformation.

This story is evolving and will be updated.

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