© Reuters. Binance Denies Fund Mismanagement Allegations, Calls “Conspiracy Theory Inspired”
Crypto exchange Binance denies allegations of mismanagement of customer funds. Binance’s denial came in response to a report by Reuters that the exchange allegedly mixed customer funds with company revenue.
According to the report of Reuters, Binance allegedly violated US banking regulations that require customers’ money to be kept segregated. According to the report, in 2020 and 2021, the exchange reportedly blended corporate revenue with client funds, and the blending occurred on a daily basis.
Reuters quoted three insiders with knowledge of the crypto exchange’s finances and said that most of the mingling occurred in accounts held at the now-bankrupt Silvergate Bank, with the amount running into the billions of dollars.
Read the full text on Cointelegraph