TechFlow news, according to Reuters, bank records and corporate information show that in 2021 Binance transferred approximately $400 million from Binance US's Silvergate Bank account to Merit Peak, a trading firm managed by Changpeng Zhao.
The transfers were made between January and March 2021 using the Silvergate account of BAM Trading, the entity operating Binance US. The U.S. Securities and Exchange Commission (SEC) is investigating the relationship between Merit Peak and Binance. Reuters said it could not determine whether the transferred funds belonged to U.S. customers or ascertain the reason for the transfers.
Binance US spokesperson Kimberly Soward stated in a declaration that Reuters' report used "outdated information." She added that Merit Peak does not trade on Binance US nor provides any form of service. Only Binance US employees have access to the company's bank accounts.Source link
