Binance.US’s independence in question: Reports reveal potential secret access to accounts by Binance CEO CZ


0

Shocking revelations have emerged about the independence of Binance.US, the US-based franchise of the world’s largest cryptocurrency exchange, Binance. Recent reports from Reuters suggest that Binance.US may not be as independent as it claims to be, as it has allegedly used a money-maker firm managed by Binance’s CEO, Changpeng Zhao (CZ).

According to an exclusive report by Reuters on February 16, Binance.US transferred a staggering $400 million to a firm called Merit Peak Ltd. in the first quarter of 2021. What’s more, Reuters has obtained internal communications from Binance.US that could potentially corroborate suspicions of secret access to accounts on the platform by Binance.

The implications of these allegations are grave, as they would signify a rupture of Binance.US’s supposed independence from Binance. Although the two are legally separate entities, they could face severe issues if found to be working in tandem. The reports further suggest that CZ could have even had backdoor access to Binance.US.

The news has sent shockwaves throughout the crypto community and prompted Binance.US to acknowledge operations with Merit Peak in a tweet on February 16. The exchange also confirmed to Reuters that it has severed all connections with the firm in 2021. Nevertheless, regulators and critics remain hot on the trail of Binance, which faces increasing scrutiny over its market dominance.

With regulatory pressures mounting, Binance is said to be making plans to move away from the US market, and its stablecoin BUSD operated by Paxos is also under scrutiny. What does the future hold for the world’s largest cryptocurrency exchange? Only time will tell.


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
worldsfeed

0 Comments

Your email address will not be published. Required fields are marked *