Binance Exec Refuses Mixing Users Funds; Debunks Report

Binance News: Binance, the world’s largest crypto exchange reportedly mixed its user funds with the company revenue during the time period of 2020-2021. The controversial report comes in when the crypto exchange is already facing regulatory trouble in the U.S. However, Binance’s top executive has issued an advisory over the big allegations raised by the popular news agency.

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Binance Dodging US Financial Rules?

Patrick Hillmann, Binance’s Chief Communications Officer commenting on the allegations hinted that it is a desperate move to publish a negative story against them. He claimed that the basis of all the assertions is users purchasing BUSD (Paxos) from the crypto exchange were transacted to a page that mentioned a deposit.

Binance Executive highlighted that the traders on the exchange were purchasing the stablecoin that was redeemable by Paxos, while it was clearly mentioned on the alleged page.

Earlier, Paxos received the Wells Notice from the U.S. Securities and Exchange Commission (SEC). The Watchdog alleged that Binance USD (BUSD) was unregistered security. However, the New York Department of Financial Services (NYDFS) asked the stablecoin issuer to halt the service. Read More Crypto News Here…

Hillmann called all the assertions made in the report weak and claimed that the news agency have no evidence to support it. He alleged the report is just a conspiracy theory. Binance has been very much open regarding the regulatory issues raised in the past, he added.

According to the report published by Reuters, a source from Binance’s finance section alleged that billions of dollars used to come in, and the mixing of funds used to take place on a daily basis. It added that a bank record from the February 10, 2021 depicts that the crypto exchage mixed around $20 million from corporate account with $15 million of a user money.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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