Binance US Responds To Secret Bank Transfer Reports

It’s been just revealed that the important crypto exchange Binance is addressing the secret bank transfers that took place not too long ago. Check out the latest reports below.

It’s been just revealed the fact that the crypto exchange giant Binance is denying allegations that it secretly moved large sums of money from its US affiliate to a trading firm associated with its CEO Changpeng Zhao.

According to the latest news, there is a report by Reuters which is claiming the fact that between January and March 2021, a Silvergate Bank account named under Binance.US’s operating company BAM Trading moved over $400 million to Merit Peak, a market maker managed by Zhao himself.

The report could not determine if the cash outflows involved funds belonging to clients of Binance.US.

In response, Binance issued a statement saying that it does not have access to bank accounts held by its independent US partner.

“ONLY Binance.US employees have access to Binance.US bank accounts. Period.

While there was a market making firm named Merit Peak that operated on the Binance.US platform, it stopped all activity on the platform in 2021.

We list our competitive and transparent Market Maker program on our website, which shows that firms fairly compete for rebates.”

Not too long ago, we revealed the fact that the CEO of Binance, Changpeng Zhao is making a stablecoin prediction. Check out the latest reports about all this below.

According to the latest reports, it seems that the CEO of crypto exchange giant Binance says investors may turn to non-US dollar-pegged and algorithmic stablecoins amid regulatory pressure on Binance USD (BUSD).

During a Twitter Spaces AMA on Feb. 14th, Changpeng Zhao explained why USD-pegged stablecoins are widely used.

“Stablecoins are still important. Most people’s costs are still in fiat currencies and so when they calculate returns, ROI, et cetera, when they calculate prices today, most people use US dollar prices for crypto because US dollar stablecoins are the most popular and the largest.”