Reuters claims Binance mixed customers’ money with company funds
Join Our Telegram channel to stay up to date on breaking news coverage A new report from Reuters details how Binance, the largest cryptocurrency exchange in the world, violated U.S. financial regulations by mixing consumer money with company revenue in the years 2020 and 2021. A bank document examined by the news organization revealed that on February 10, 2021, Binance combined $15 million from a customer-funded account with $20 million from a company account. According to three former U.S. regulators, the money transfers at Binance outlined by Reuters show a lack of internal controls to guarantee that user cash were readily identified and segregated from business income. They claimed that by hiding the whereabouts of client assets, the mixing of these funds put client assets at danger. Customers of Binance shouldn’t “need a forensic accountant to find where their money is,” according to John Reed Stark, a former director of the Securities and Exchange Commiss...