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Crypto giant Binance moved $400 million from U.S. partner to firm managed by CEO Zhao

Posted on February 16, 2023 by Dissent

Angus Berwick and Tom Wilson report:

Global cryptocurrency exchange Binance had secret access to a bank account belonging to its purportedly independent U.S. partner and transferred large sums of money from the account to a trading firm managed by Binance CEO Changpeng Zhao, banking records and company messages show.

Over the first three months of 2021, more than $400 million flowed from the Binance.US account at California-based Silvergate Bank to this trading firm, Merit Peak Ltd, according to records for the quarter, which were reviewed by Reuters.

Read more at Reuters.

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