CZ denies holding firms received $12B of Binance.US user funds

2023-6-9 01:07

Binance CEO Changpeng Zhao on June 8 countered SEC claims and denied that one of his holding firms received $12 billion in U.S. customer funds.

Regarding the supposed $12 billion transfer, Zhao said:

“This is simply false … To the best of my knowledge, Binance.US had in total roughly $2 billion in user funds.”

Zhao said that the value of Binance.US’s user deposits could only have fluctuated slightly due to crypto prices and user withdrawals. He asserted that “all user funds are accounted for, and never left the Binance.US platform” unless users made withdrawals.

Zhao issued his statement in response to a Coindesk article, which in turn cited a court filing as its source. He said he is “not sure if it’s the journalist or the source” that ultimately provided the supposedly incorrect information.

Coindesk also obtained a statement from a Binance representative who said that the funds referenced in the case are “strictly corporate funds and not user assets.”

However, this appears to be a misunderstanding, not an admission to fund transfers. The spokesperson described “accounts” in the relevant SEC court filing. This seemingly refers to Binance Holdings accounts that incidentally held $12 billion from 2020 to 2022.

Court filings support $12B estimate

Other parts of the SEC filing nevertheless appear to back the allegation. One section says that Merit Peak — one of Zhao’s holding companies — received $11 billion of Binance.com user funds via Key Vision Development Limited from 2019 to 2021.

The $12 billion estimate appears to come from the fact that Merit Peak received an additional $1.2 billion from BAM Trading, another Binance.US-related company.

Regardless, the SEC says that Merit Peak comingled the roughly $12 billion of funds with funds from other sources, which in total amounted to $22 billion.

The SEC said:

“The SEC been unable to determine why a Zhao-controlled entity that was purportedly trading on the Binance [sic] using Zhao’s personal funds would have acted as a “pass through” account for billions of dollars of Binance Platforms customers.”

The SEC’s court filing cites a separate document from its own accountant, which provides the same numbers but does not identify the source of those funds as Binance.US customer funds.

The post CZ denies holding firms received $12B of Binance.US user funds appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Binance Coin (BNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $562.5
Капитализация $0 Rank 99999
Цена в час новости $ 266.1 (-100%)

binance holding funds zhao billion firms received

Источник: cryptoslate.com

binance holding → Результатов: 101


Binance запустила общеевропейскую платежную карту с кешбэком в токенах BNB

Криптовалютная биржа Binance объявила о запуске криптоплатежной карты на территории Европейской экономической зоны. #Binance Visa Card is offering the highest cashback rate anywhere! 💳 Get up to 7% cashback by holding #BNB! Check out the full details and apply now! ⬇️https://t.

2020-9-17 16:44


Фото:

Binance анонсировала второй проект на своей платформе для «доходного фермерства»

Биткоин-биржа Binance представила второй проект инициативы Binance Launchpool для выращивания новых токенов. Им стала лендинговая DeFi-платформа Wing. To answer the most frequently asked question so far: Yes, holding #BNB as part of Launchpool will earn you $BEL, $WING, $SXP as well as qualification for Launchpad etc https://t.

2020-9-15 13:36


Binance Research Indicates HODLing Bitcoin Is the Most Effective Strategy To Increasing Profits

Binance Research says that HODLing Bitcoin is the best strategy and they may just be right, considering Bitcoin mostly goes up only a few days a year. When in doubt? #HODL. Not holding #Bitcoin on Dec, 7 2017 means you would have missed its largest daily absolute gain of $3,608 (25%). The chart below (from […]

2019-11-15 21:35


Исследование: HODL является самой выгодной стратегией инвестирования в криптовалюты

HODL — самый перспективный подход при инвестировании в криптовалюты, уверены аналитики Binance Research. When in doubt? #HODL. Not holding #Bitcoin on Dec, 7 2017 means you would have missed its largest daily absolute gain of $3,608 (25%).

2019-11-16 20:54


Binance Research: долгосрочное хранение — жизнеспособная стратегия инвестирования в биткоин

Долгосрочное хранение биткоина или так называемый «ходлинг» остается успешной стратегией для инвесторов в первую криптовалюту, считают аналитики исследовательского подразделения Binance. When in doubt? #HODL.

2019-11-15 16:13


дальше еще 52 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Saylor says Bitcoin will ‘eat gold’ in the coming months

MicroStrategy executive chairman Michael Saylor predicted that Bitcoin will “eat gold” in the coming months because it is a far superior asset in every way. The MicroStrategy chair made the statement during a CNBC interview on March 11, where he added that Bitcoin was not only superior to gold but all conventional assets, including real […] The post Saylor says Bitcoin will ‘eat gold’ in the coming months appeared first on CryptoSlate.