Binance was accused of moving almost $2Bn without permission. The exchange denied the rumors. Is it just FUD or damage control?
Binance, the world’s largest cryptocurrency exchange, denied a report published by Forbes titled “Binance’s Asset Shuffling Eerily Similar To Maneuvers By FTX,” which argues that the crypto giant transferred $1.8 billion associated with its users’ funds., between August 17 and early December 2022, Binance moved “silently” $1.8 billion deposited “as collateral intended to support its customers’ stablecoins,” leaving many of its users with unbacked funds.
Forbes also claims that other relevant actors in the crypto ecosystem, such as Amber Group, Sam Bankman-Fried’s Alameda Research, and Justin Sun’s Tron, received hundreds of millions of dollars in funds from Binance.
The article states that just because Binance is not regulated as a standard financial company, it automatically means its transactions are illegal. However, it makes it easier for regulators to demand that regulated businesses separate themselves from the custodians of their clients’ assets.Binance responded to Forbes’ allegations of mishandling user funds, denying any wrongdoing.
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