• Binance.US denied a Reuters report that claimed the international exchange moved $400 million from its affiliate’s bank account.
• According to Binance.US, only executives of the platform have access to its bank accounts and Merit Peak, the trading firm listed CEO Changpeng Zhao as manager, stopped operating on the platform in 2021.
• The company stated that it has never and will never trade non-public information related to any customers or employees of Binance.US or Binance International.

Binance Refutes Reuters Report

Binance.US has released a statement refuting an earlier report made by Reuters which stated that the international exchange allegedly moved $400 million from an account belonging to the American affiliate.

Only Executives Have Access To Bank Accounts

In an attempt to clarify the situation, Binance.US said that only executives of the platform had such access to its bank accounts and stressed that it has never -and will never – trade non-public information related to any customers or employees of either entity at all times.

Reuters Report Details

The Reuters report claimed that bank records and company messages revealed that crypto exchange giant Binance transferred over $400 million from a Binance.US bank account at Silvergate to a trading firm called Merit Peak in the first quarter of 2021 with CEO Changpeng Zhao listed as its manager.

Merit Peak Stopped Operating On Platform In 2021

However, while acknowledging Merit Peak’s existence, Binance US stated that it had stopped operating on its platform in 2021 before this incident occurred and therefore could not have possibly been involved in any transfer activity between itself and Silvergate Bank as reported by Reuters.

Conclusion

In conclusion, Binance clarified that only its executive team members have access to their respective banks accounts and neither entity trades non-public information related to customers or employees at all times for compliance reasons