Binance US Funds: In what could be yet another setback for crypto exchange Binance and its CEO ‘CZ’, latest reports suggest CZ secretly had access to $400 million worth funds supposedly believed to belong to Binance US users. This could prove to be fatal for Binance if proven to be true as the US Securities and Exchange Commission (SEC) is already tightening rules around user asset custodian services. The allegations of bank transfers from accounts belonging to Binance US follows the SEC’s restrictions of the BUSD stablecoin recently.

Also Read: Will This Recent Development Take Hedera (HBAR) Price Past $1?

Binance Moved $400 Million To Other Firm?

According to latest reports, Binance executives had secret access to a bank account belonging to Binance US, the exchange’s independent U.S. arm. The report said Binance had transferred the said amounts to a trading firm managed by CZ himself. The Reuters report cited having access to banking records and company messages that revealed these details.

The post Breaking: Binance CEO CZ Secretly Accessed $400 Million User Funds? appeared first on CoinGape.

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Filed under: News - @ February 16, 2023 8:26 pm