“Binance’s top priority is protecting user assets, which are held 1:1. These accounts represent revenue received by the business for products provided and/or services rendered,” the spokesperson said. “Like every other company across the globe, our revenue is used to cover the operational costs of running our global business. We are globally regulated in 17 countries worldwide and regularly have to optimize corporate account holdings. These types of transactions are typical of most global corporate entities and are required to ensure we are able to facilitate our products and services in a stable and compliant manner.”
Source: https://www.coindesk.com/policy/2023/06/08/binance-redirected-12b-to-firms-controlled-by-ceo-changpeng-zhao-sec-says/?utm_medium=referral&utm_source=rss&utm_campaign=headlines