Binance refutes Reuters’ accusations of mixing customer and company funds

May 24, 2023
The international news agency Reuters in a special report stated on the mixing of customer funds with Binance assets. The cryptocurrency exchange refutes this information.
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Reuters refers to a source of information from Binance’s inner circle. The journalists studied the provided bank record for February 10, 2021, according to which Binance mixed $20 million from a corporate account with $15 million of client accounts. According to informants, the mixing of funds occurred almost daily on the accounts of the bankrupt American lender Silvergate. At the same time, Reuters found no evidence of theft or loss of Binance customers’ funds.

The director of public relations of the crypto exchange, Patrick Hillman, said that journalists artificially created a “loud story” with weak evidence. The specialist noted that Binance holds user and corporate funds in different registries. The assets in question are derived from the sale of stablecoins and are corporate.