Binance US denies report comparing it to fraudulent crypto exchanges
Global crypto exchange Binance is an affiliated United States based crypto exchange platform and it refutes the reports comparing it with fraudulent and bankrupt crypto exchanges and also the leading crypto exchange claims that it is separate management There are different entities with teams.
The official Twitter account of Binance US tweeted on Thursday that there have been various attempts to draw parallels between the fraud and our entities, which have gone bankrupt. “There is no comparison,” the exchange added and proceeded to present some evidence to back up its claims.
First the Exchange states that its leadership includes former employees of the US Department of Justice, the Securities and Exchange Commission and the Federal Bureau of Investigation and the Federal Reserve Bank of New York and further the Exchange elaborates that our leadership team includes former DOJ, Employees of the SEC, FBI, and NY Fed are exclusively committed to operating in a manner that is secure and in compliance with US law and regulations, and to which they exert their utmost loyalty and faith. Binance US leader addressed such allegations and, first published by Reuters, stated that the crypto exchange allegedly obtained the power to access a bank account belonging to an independent US partner and that it was secretly Had access The publication also alleges that in the first 3 months of 2021, more than $400 million was transferred from the bank account of Binance US to Merit Peak Limited, a trading firm managed by Binance CEO Changpeng Zhao (CZ). A market making farm named Merit Peak that operates on the Binance.US platform has ceased all activities in 2021 as claimed by the crypto exchange. Additionally, the competitive and transparent Market Makers Program is reported by the crypto exchange on its website, indicating that companies compete fairly for rebates. Binance US only Only its employees have access to its accounts and moreover the crypto exchange wants to assure the crypto community that it does not use customer funds and this is a topic that will definitely be discussed after the collapse of the crypto exchange FTX. After that a lot of investigation is done. Crypto exchange Binance vows and stands by its word that it has never used customer streams for its own benefit and has never done anything that is unfair and that will definitely harm its users. He ends by saying that surely we are known for pure services. Earlier the Securities and Exchange Commission recently took action against several firms in the crypto sector including Kraken over its staking program, Paxos over the issuance of its stable coin Binance USD and Terraform Labs for defrauding investors. Last week, commission chairman Gary Gensler proposed amending federal custody rules to cover all types of crypto assets.
