Binance, the world’s largest cryptocurrency exchange by trading volume, is staunchly denying allegations made by Reuters that it commingled customer funds with its own revenue in 2020 and 2021. Patrick Hillmann, Binance’s chief strategy officer, dismissed the report on Twitter as conspiratorial and lacking substantive evidence, countering accusations sourced from a “former insider.”

We’ve addressed this on multiple occasions. We keep our user and corporate funds on completely separate ledgers. There is declining ROI on responding to these types of tabloid stories. We know who their sources are and @Reuters will be embarrassed when it becomes public.

— Patrick Hillmann (@PRHillmann) May 23, 2023

The Reuters report claimed that Binance frequently commingled billions of dollars in accounts it held at the now-defunct Silvergate Bank. The news outlet, citing bank records, alleged that in one instance, Binance blended $20 million from a corporate account with $15 million from an account containing customer funds. 

Commingling funds is when a company mixes customer funds with personal funds, preventing the proper tracking of client money in case of unexpected loss or other instances, Go to Source to See Full Article
Author: Emily Tonelli

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