These newly revealed details shed light on the extent of Binance's control over Binance US, despite claims from both entities that they operated independently. Communication within the company indicates that employees at Binance US had to seek approval from Chen's team even for basic financial transactions, such as covering the firm's payroll. This authorization granted Chen and her team the ability to transfer funds within these bank accounts. These accounts, including one holding funds from American customers, were authorized for operation by US lender Silvergate Bank in 20, as per records. What do the records sayĪccording to an exclusive Reuters news agency report, bank records reveal that Guangying Chen, a senior executive at Binance, was the primary operator of five bank accounts associated with Binance.US - the US affiliate of the cryptocurrency exchange. Zhao and Binance publicly claimed that US customers were barred from transactions on, but the platform "secretly" allowed high-value customers to keep trading, the SEC said. The agency accused Zhao of secretly controlling Binance US as part of a "web of deception" to evade laws and said that until at least December 2020, Binance US staff "did not have any ability to control" the company's bank accounts. "We are operating as a ***** unlicensed securities exchange in the USA bro," it said. In the tweet, the regulatory body shared a seemingly incriminating quote from CCO Noah Perlman to another Binance compliance officer in December 2018. (Binance), US-based independent affiliate, BAM Trading Services Inc., and their founder, Changpeng Zhao, with a variety of securities law violations. The SEC tweeted about its decision to file charges against Binance Holdings Ltd. On Monday, the SEC accused Binance of conducting financial transactions and providing services unlawfully without the necessary authorizations.Ĭhangpeng Zhao, the co-founder and chief executive of Binance, has been accused of deception and conflict of interest, among other allegations. The largest cryptocurrency exchange platform, Binance, is facing legal action by the United States Securities and Exchange Commission (SEC).
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