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Binance denies commingling 'billions' in customer funds

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Crypto

Binance denies commingling 'billions' in customer funds

States Reuters' report was "weak"

May 25, 2023
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Binance denies commingling 'billions' in customer funds

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Crypto exchange Binance registers in Sweden | Reuters

Binance is firing back at a Reuters special report from Tuesday that said the crypto exchange commingled billions worth of customer funds in 2020 and 2021.

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The report cites interviews with three unnamed "former insiders," one of whom claims to have direct knowledge of the Binance group's finances.

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The insider said the funds in question "ran into billions of dollars" and that "commingling happened almost daily" in accounts the exchange had at collapsed U.S. lender Silvergate Bank. 

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Patrick Hillmann, Chief Communications Officer of Binance, took to Twitter to dismiss the Reuters report, calling it "weak" and filled with "conspiracy theories.”

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“We’ve been very public about where the company had regulatory shortcomings in the past,” he wrote, “there’s no reason for a respected news outlet like Reuters to continue making stuff up.”

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Later, Hillmann noted that Binance had addressed the issue "on multiple occasions."

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"We keep our user and corporate funds on completely separate ledgers...We know who their sources are, and @Reuters will be embarrassed when it becomes public," he tweeted, referring to the former insiders cited by the news outlet.

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Binance denies commingling 'billions' in customer funds

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