Crypto exchange Binance commingled customer funds with its revenue in 2020 and 2021, Reuters has learned, citing people familiar with the matter.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
According to the report, the exchange on a daily basis commingled billions of US dollars at lender Silvergate Bank. Reuters noted though it found no evidence that the exchange lost client funds as a result of these practices.
Binance Chief Communications Officer, Patrick Hillmann, took to Twitter to disprove the report. He tweeted the exchange keeps its user and corporate funds "on completely separate ledgers." However, Hillmann didn't deny the report's statements.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange