Binance's Billion-Dollar Blunder? Report Says Crypto Exchange Commingled Funds
Portfolio Pulse from Murtuza Merchant
Binance, the world's largest cryptocurrency exchange, allegedly violated U.S. financial rules by commingling customer funds with company revenue in accounts held at Silvergate Bank (NYSE:SI), with sums running into billions of dollars. The alleged commingling raises concerns about a lack of internal controls and potential risk to customer assets.
May 23, 2023 | 2:16 pm
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Silvergate Bank (NYSE:SI) is involved in the alleged commingling of customer funds and company revenue by Binance, raising concerns about a lack of internal controls and potential risk to customer assets.
Silvergate Bank is mentioned as the bank where Binance allegedly commingled customer funds with company revenue. This raises concerns about the bank's internal controls and potential risk to customer assets, which could negatively impact the bank's reputation and stock price in the short term.
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