More from The SEC’s case against Binance, a live reading by Liz Lopatto
Binance.US’s executives were concerned by the outflows because the transfers were taking place without their knowledge, according to messages reviewed by Reuters. The CEO of Binance.US at the time, Catherine Coley, wrote to a Binance finance executive in late 2020 asking for an explanation for the transfers, calling them “unexpected” and saying “no one mentioned them.”
Fine and normal, we haven’t had any recent cryptocurrency issues with secret transfers, have we?
Bennett Tomlin of Crypto Critics Corner takes you through it and uh, it’s maybe not great. “Their entire claimed segregation of client crypto assets depends entirely on Binance having perfect, or very, very good internal accounting records,” Tomlin says.
Yikes.
...And violating its own guidelines in the process.
The commingled funds make it difficult to sort out whether Binance can meet redemption requests for its 94 B-tokens. Good luck out there — I think a lot of you will need it.
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