Report post

Did Binance move $400 million from Silvergate Bank to merit peak?

Crypto exchange Binance moved around $400 million in funds from Binance US's Silvergate Bank account to a trading firm called Merit Peak, Reuters reported Thursday. According to the report, Binance moved the funds between January and March 2021 from BAM Trading's Silvergate account. BAM Trading is the name of the entity operating Binance US.

Did Binance keep'secret access' to a bank account?

Late Thursday evening, Reuters reported that Binance maintained “secret access” to a bank account belonging to Binance.US, the American exchange that is supposed to be independent from the international entity, and transferred hundreds of millions of dollars to a trading firm managed by Binance CEO Changpeng Zhao (CZ).

Is merit peak a Binance company?

BAM Trading is the name of the entity operating Binance US. Merit Peak is a trading firm the U.S. Securities and Exchange Commission (SEC) is investigating over its ties to Binance. Former Binance US CEO Catherine Coley reportedly asked about the funds and their transfers at the end of 2020.

Where were Binance US customers deposited?

The customer deposits of Binance.US were also held at Silvergate and with Prime Trust LLC, a custodian firm based in Nevada. Bank records show Prime Trust moved $650 million in wire transfers to the Binance.US account during Q1 2021, and it was unclear why the transfers were made or whether the money belonged to Binance.US customers.

Related articles

Canadian Authorities Initiate New Project to Combat Crypto Fraud

Canadian Authorities Initiate New Project to Combat Crypto Fraud2024-09-06 09:48:40The Alberta Securities Commission (ASC) has collaborate […]

Canadian Crypto Exchanges Faces Deadline For CIRO Membership

Canadian Crypto Exchanges Faces Deadline For CIRO Membership2024-08-06 23:33:50Canadian crypto exchanges face a looming deadline to comply with new regulations, specifically CIRO membership. With the crypto deadline approaching, exchanges are scrambling to adapt and ensure regulatory compliance. The question arises: are Canadian exchanges urgently pursuing regulatory compliance? This article explores the challenges and opportunities facing Canadian crypto exchanges as they navigate the changing regulatory landscape.

Best Ethereum ETFs In Canada For 2024

Best Ethereum ETFs In Canada For 20242024-08-01 02:52:21Discover the top Ethereum ETFs in Canada for 2024, including a comprehensive guide on what Ethereum ETFs are and how they work. Learn about the evolving investments in Ether ETFs like ETHR and CI Galaxy’s ETHX, as well as the purpose and benefits of investing in ETHH. Stay ahead of the curve with our curated list of top Ethereum ETFs for Canadian investors.

Canadian Tribunal Strikes Down Bitfarms’ Poison Pill Against Riot Platforms

Canadian Tribunal Strikes Down Bitfarms’ Poison Pill Against Riot Platforms2024-07-25 15:35:16On Wednesday, Bitcoin mining firm Riot Platforms announ […]

Solana ETFs Could Be Approved Without CME Futures: SOL Price Prediction

Solana ETFs Could Be Approved Without CME Futures: SOL Price Prediction2024-07-21 22:57:17Solana ETFs’ approval prospects and SOL price predictions are gaining momentum, with investors speculating on the potential impact of these funds on SOL’s growth. The outlook is being closely watched, especially during U.S. elections, as market sentiment could shift. While CME futures are not yet a necessity, the ETF approval may serve as a significant catalyst for SOL’s price movement. Stay tuned for updates on this developing trend.

The World's Leading Crypto Trading Platform

Get my welcome gifts