How much money is in Binance's Silvergate account?

In one instance, in February 2022, the filings said, $20 million flowed into one of Binance’s Silvergate accounts and $19.9 million flowed out of it, all within the span of a few days, leaving the account with a starting balance of $7.6 million at the beginning of the month and $7.7 million at the month’s end.

What is merit peak's Silvergate exchange network?

The transfers to Merit Peak took place on the bank's proprietary Silvergate Exchange Network (SEN), which Binance.US joined in November 2020 to serve its corporate clients. SEN allows these clients to transfer dollars between their accounts at the bank.

Did Bam deposited billions into merit peak account?

And to bolster its emergency motion seeking to freeze Binance.US’s corporate assets, the SEC’s account of financial records indicates BAM Trading Services and Binance entities deposited billions of dollars into a single account that belonged to Merit Peak, of which Zhao is the beneficial owner.

What happened to Binance & Silvergate?

Silvergate, which voluntarily liquidated itself in early March after suffering billions of dollars in losses from its cryptocurrency customers, closed some of Binance’s accounts in 2021 and 2022.