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๐ Binance Allegedly Mixed Customer and Company Funds ๐
@binance, one of the largest cryptocurrency exchanges, allegedly mixed customer and company funds between 2020 and 2021.
These questionable activities have raised concerns over internal controls.
@binance, one of the largest cryptocurrency exchanges, allegedly mixed customer and company funds between 2020 and 2021.
These questionable activities have raised concerns over internal controls.
@binance Reports suggest that @binance used @silvergatebank as a central fixture in its financial operations, combining customer funds with company revenues into a third Silvergate account.
This account was then converted into the Binance USD (#BUSD) token.
This account was then converted into the Binance USD (#BUSD) token.
@binance @silvergatebank The situation becomes more complex as the U.S. Commodity Futures Trading Commission (CFTC) has charged Binance with "structuring" transactions to evade U.S. financial regulations.
@binance @silvergatebank Binance had relied on Silvergate Bank for its U.S. dollar banking services.
However, Silvergate Bank has faced its own challenges, including customer withdrawals and regulatory scrutiny.
Binance has since established offshore accounts in response to increased U.S. regulation.
However, Silvergate Bank has faced its own challenges, including customer withdrawals and regulatory scrutiny.
Binance has since established offshore accounts in response to increased U.S. regulation.
@binance @silvergatebank The allegations surrounding Binance and the mixing of funds raise important questions about transparency and compliance in the cryptocurrency industry.
Stay informed with @mpost_io for more updates on this developing story.
mpost.io/binance-allegeโฆ
#Binance #Silvergate
Stay informed with @mpost_io for more updates on this developing story.
mpost.io/binance-allegeโฆ
#Binance #Silvergate
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