Binance’s Big Business Blending Boondoggle
Binance, the world’s largest crypto exchange, is facing another big allegation – an allegation that Sam Bankman-Freid and FTX are also accused of: commingling customer and corporate funds in accounts at Silvergate Bank during 2020 and 2021. 😱
Reuters reports that Binance’s corporate funds were funneled into an account where users were purchasing $BUSD, Binance’s stablecoin. The commingling allegedly occurred in an account belonging to Merit Peak, a Cayman Islands-based entity controlled by Binance’s CEO, Changpeng Zhao (CZ).