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.

Is merit peak trading on Binance?

She added: "Merit Peak is neither trading nor providing any kind of services on the Binance.US platform" and "only Binance.US employees have access" to the bank accounts of the U.S. company. Soward didn't specify when Merit Peak's activities ceased.

Did Binance have secret access to a bank account?

Feb 16 (Reuters) - Global cryptocurrency exchange Binance had secret access to a bank account belonging to its purportedly independent U.S. partner and transferred large sums of money from the account to a trading firm managed by Binance CEO Changpeng Zhao, banking records and company messages show.

Is Silvergate worried about outflows?

A Silvergate spokesperson said the bank does not comment on individual customers. Binance.US's executives were concerned by the outflows because the transfers were taking place without their knowledge, according to messages reviewed by Reuters.