Binance once again managed to land itself in the spotlight with the release of Reuters' latest news. As per the news agency, the crypto exchange allegedly mixed customer funds with corporate funds in 2020 and 2021.
However, the report fails to show evidence for its main claim and for customers losing funds as a result of Binance’s actions
Binance – the world’s largest crypto exchange – has once again hit the spotlight with Reuters claiming that the platform commingled customer funds and company revenue. The report claimed that the incident took place in 2020 and 2021, and the funds’ mix-up was in violation of the United States Financial rules.Additionally, the report asserted that the funds commingled ran in billions of dollars. And, it happened nearly every day with accounts associated with the now-collapsed Silvergate Bank.
Speaking on the matter with Reuters, a Binance spokesperson asserted that the exchange did not commingle any funds. In fact, the funds were always corporate funds. The spokesperson further stated that the money sent to the account was for buying BUSD, Binance stablecoin issued by Paxos. Reuters based its main report on Binance terming its customers’ dollar transfers as “deposits”. This would then be “credited” to their accounts in BUSD. These dollar transfers could be withdrawn by customers, which a former regulator stated implies safeguarding of funds, the report said. Reuters also claimed that it could not find any evidence of Binance’s clients losing their funds.Patrick Hillmann – the chief communications officer at Binance – spoke on the report in a Twitter post.
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