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

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Business & Finance

16 February 2023, 5:22 pm. 1 minute

Reuters reported exclusively that 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. Over the first three months of 2021, more than $400 million flowed from the Binance.US account at a California-based bank to this firm, Merit Peak Ltd, according to records reviewed by Reuters.

Market Impact

Binance.US’s executives were concerned by the outflows because the transfers were taking place without their knowledge, according to messages reviewed by Reuters. 

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Topics of Interest: Business & Finance

Type: Reuters Best

Sectors: Business & Finance

Regions: Americas

Countries: US

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

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