Binance secretly moved $400 million from its US partner to a trading firm managed by the crypto giant's boss CZ, report says
Binance secretly moved large sums of money from its supposedly independent US partner to a company managed by the crypto giant's boss Changpeng Zhao, according toThe publication said Thursday that Binance's US partner started transferring money to Merit Peak in 2020 and sent the trading firm over $400 million in the first quarter of 2021, citing banking records and company messages.
Binance claims that Merit Peak and Binance's US partner Binance.US operate independently from the global exchange, which CZ co-founded in 2017. Then-CEO Catherine Coley reportedly asked a Binance executive for an explanation in late 2020, calling the transfers"unexpected" and saying that"no one mentioned them".
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