Reuters: Binance mixed customer funds with company revenue in 2020 and 2021

ChainCatcher news, Reuters cited three informed sources reporting that Binance had mixed customer funds with company revenue in 2020 and 2021, violating U.S. financial rules that require the separation of customer funds. A person with direct knowledge of Binance's financial situation stated, "The amount is in the billions of dollars and is mixed almost daily in accounts held at Silvergate Bank."

Reuters stated that it could not independently verify these figures or frequencies. However, reviewed bank records show that on February 10, 2021, Binance mixed $20 million from a company account with $15 million from accounts receiving customer funds. Reuters found no evidence of Binance customer funds being lost or taken. (source link)