Binance had secret access to U.S. partner’s account at Silvergate, Reuters says

Binance had secret access to a bank account belonging to its purportedly independent U.S. partner and transferred large amounts of money from the account to a trading firm managed by Binance CEO Changpeng Zhao, according to Reuters’ Angus Berwick and Tom Wilson, citing banking records and company messages. More than $400M flowed from the Binance.US account at Silvergate Bank to this trading firm, Merit Peak Ltd, over the first three months of 2021, according to the news service, citing records Reuters reviewed.