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.

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