Binance controlled US wing’s bank accounts in 2019-20 Reuters.

An executive of Binance, Guangying Chen, was in charge of controlling five bank accounts belonging to the supposedly independent U.S. unit of the crypto exchange, according to bank records cited by Reuters on Monday. Chen was authorized by Silvergate Bank, the now bankrupt crypto lender, to operate the accounts between 2019 and 2020. Binance.US had to rely on Chen and her team to process payments, including the company’s payroll, as per the report, which also referenced company messages. Despite claims of independence from Binance, Zhao serves as Binance.US’s chair and is its majority shareholder. The company has been exploring ways to reduce his stake to improve its image with U.S. regulatory authorities. Binance and Binance.US did not respond to CoinDesk’s request for comment. Christian Hertenstein, a spokesperson for Binance.US, told Reuters that no one other than Binance.US officials have had control or access to its accounts since Brian Schroder became CEO of the company in late 2021.

Read More: Voyager Digital Says Binance.US Sent Letter Terminating $1B Asset Buy Deal

Edited by Sheldon Reback.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

Is Bitcoin Still the King of the Crypto Market?

Pantera Capital suggests that the volatility of digital assets, specifically Bitcoin (BTC), can be analyzed in differ...

Bitcoin

Crypto keeps the momentum Inflows surge for 4th consecutive week as Bitcoin ETFs race heats up!

CoinShares Reports Fourth Consecutive Week of Inflows in Digital Asset Investment Products, Indicating Increasing Exc...

Bitcoin

Bitcoin's loyal holders continue to accumulate despite price lull.

Bitcoin continues to attract long-term holders, with an impressive 40% of the cryptocurrency remaining untouched for ...

Bitcoin

Bitcoin Price Confirms Double Top, Potential Drop?

Analysts and traders express concern as the Bitcoin price closed below the $26,000 mark in yesterday's weekly session...

Policy

UK to receive early/priority access to AI models from Google and OpenAI.

The United Kingdom will be given early or priority access to new technology models from companies like Google DeepMin...

Market

Rumor Has It: Dogecoin’s Wild Ride on Fake News

The recent fluctuation occurred at a crucial moment for the crypto industry, as many eagerly anticipate the approval ...