Binance, the world’s largest cryptocurrency exchange, transferred $ 400 million from its US partner to a company led by CEO Changpeng Zhao.
Bank records show that Binance took this amount from its US partner and moved it to Merit Peak. A document also revealed that Changpeng Zhao, the CEO of Binance, has been appointed as director of Merit Peak.
Binance Transfers $400 Million From Its US Partner To A Company
Cryptocurrency exchange Binance’s bank movements show that $400 million has been transferred to Merit Peak. This large amount was made from the account of a US partner of the company when looking at the bank movements. A document indicates that Changpeng Zhao (CZ), CEO of Binance, has been appointed as director of this company.
Messages reached by Reuters indicate that a Binance executive has access to the US partner’s account at Silvergate Bank. Reuters was unable to detect whether the transferred money contained cryptocurrencies.
More than $400 million flowed from Binance.US account at California-based Silvergate Bank to this trading firm Merit Peak Ltd in the first three months of 2021, according to quarterly records reviewed by Reuters. The Binance.US account was registered under the name BAM Trading, the operating company of the US stock exchange, according to the records. Company messages indicate that transfers to Merit Peak begin in late 2020.
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