Reuters: In 2021, Binance US transferred $400 million to a trading firm managed by Changpeng Zhao

2023-02-17 07:45:06

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ChainCatcher news, according to a report by Reuters, bank records and company information show that Binance transferred approximately $400 million from the Silvergate Bank account of Binance US to the trading firm Merit Peak, managed by Zhao Changpeng, in 2021.

It is reported that Binance completed the transfer using BAM Trading's Silvergate account between January and March 2021. BAM Trading is the entity that operates Binance US. The U.S. Securities and Exchange Commission (SEC) is investigating the relationship between Merit Peak and Binance. Reuters stated that it could not determine whether the transferred funds belonged to U.S. customers or the reason for the transfer.

A spokesperson for Binance US, Kimberly Soward, stated in a statement that Reuters' report used "outdated information." She added that Merit Peak does not trade on Binance US and does not provide any form of service. Only employees of Binance US have access to the company's bank accounts. (source link)

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Reuters Binance US Merit Peak

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