Another Top Crypto Firm Commingled Funds Like Sam Bankman-Fried’s FTX Did
View Source | May 23, 2023 11:26 am
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- Binance, the world’s largest cryptocurrency exchange platform, allegedly commingled user deposits and firm revenue in violation of financial laws, according to a special report from Reuters.
- The allegations from three former insiders come months after FTX and several other cryptocurrency firms controlled by Sam Bankman-Fried filed for bankruptcy as customers and investors learned that FTX had commingled funds with sister trading company Alameda Research.
- Binance, a rival of FTX that had feuded with the company in the weeks before the implosion, allegedly commingled funds on a nearly daily basis in 2020 and 2021, according to three unnamed sources familiar with the matter.
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