Binance is accused of accessing a bank account belonging to its U.S. partner without authorization and transferring over $400 million to a trading firm controlled by its CEO, Changpeng Zhao.
Banking records and internal messages obtained by Reuters indicate that the account was registered using BAM Trading, the operational firm for the United States exchange, but Binance wired the funds without the knowledge of its U.S. partner.
Binance.US management expressed concern and requested an explanation for the unexpected payments, but no one addressed their concerns.
The allegations are likely to raise concerns about Binance’s compliance with U.S. laws and regulations, and it remains to be seen how the company will respond to these allegations.
