Reported by: George Glover

Binance secretly moved large sums of money from its supposedly independent US partner to a company managed by the crypto giant’s boss Changpeng Zhao, according to Reuters.

The publication said Thursday that Binance’s US partner started transferring money to Merit Peak in 2020 and sent the trading firm over $400 million in the first quarter of 2021, citing banking records and company messages.

Merit Peak is a market-maker trading firm owned by Binance CEO Zhao, who’s often referred to by his initials CZ. 

Binance claims that Merit Peak and Binance’s US partner Binance.US operate independently from the global exchange, which CZ co-founded in 2017.

But Binance.US executives didn’t know that it had been sending money to Merit Peak and were concerned

Read full report: https://markets.businessinsider.com/news/currencies/binance-crypto-exchange-secret-transfer-changpeng-zhao-cz-ftx-alameda-2023-2?amp