Binance Moved $400M From US Partner to Firm Affiliated With CZ

• Reportedly, Binance moved $400 million from a US partner to a company with which CZ was involved.
• The transfers to Merit Peak began in late 2020.
• Binance.US management was concerned about the outflows.

Reuters has reported that according to banking records and internal company messages, Binance had unauthorized access to a bank account that belonged to its ostensibly independent U.S. partner. This access allowed Binance to move significant sums of money from the partner’s account to a trading firm controlled by Binance CEO Changpeng Zhao aka CZ.

Crypto giant Binance moved $400 million from a bank account belonging to its purportedly independent U.S. partner to a trading firm managed by Binance CEO Changpeng Zhao, banking records and company messages show https://t.co/ktJnE7AqKE by @AABerwick @_tom_wilson_ @specialreports pic.twitter.com/1W8nD5H5a8

— Reuters (@Reuters) February 16, 2023

According to records for the quarter obtained by Reuters, more than $400 million was transferred from an account belonging to Binance.US held at Silvergate Bank in California to a trading company known as Merit Peak Ltd. during the first three months of the year 2021.

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