As reported by Reuters on June 5, a senior Binance executive reportedly controlled a total of five bank accounts belonging to Binance.US, the platform's supposedly independent US subsidiary.
In addition, he also reportedly had access to an account containing US customer funds.
According to records from those years, US lender Silvergate Bank authorized Guangying Chen, a close associate of Binance CEO Changpeng Zhao, to operate the accounts in 2019 and 2020.
As a result, Chen and his aides were able to move funds deposited in the bank accounts. According to the company's messages, Binance.US employees had to ask Chen's team to process the payments.
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All this information calls into question the supposed independence between Binance and its US subsidiary.
It should be noted that Binance.US has denied that Binance ever handled its bank accounts. According to Krishna Juvvadi, the company's head of legal affairs, employees of Binance.US operator BAM Trading had "exclusive control" since its founding in 2019.