Binance Slams Reuters Report On Commingling Customer Funds, Skirts Denying Wrongdoings
Portfolio Pulse from Murtuza Merchant
Binance's chief communication officer, Patrick Hillmann, criticized a Reuters report alleging the commingling of customer funds with company revenue, violating U.S. financial rules. The report claimed billions of dollars were mixed daily in accounts held at Silvergate Bank (NYSE:SI). Hillmann did not explicitly deny the allegations but pointed out flaws in the reporting and emphasized Binance's transparency.
May 23, 2023 | 6:33 pm
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Silvergate Bank (NYSE:SI) was mentioned in a Reuters report alleging Binance commingled customer funds with company revenue. Binance criticized the report but did not explicitly deny the allegations.
The Reuters report alleges that Silvergate Bank holds accounts with mixed funds from Binance, which could potentially harm the bank's reputation and lead to regulatory scrutiny. Although Binance criticized the report, they did not explicitly deny the allegations, leaving uncertainty around the issue. This could negatively impact Silvergate Bank's stock price in the short term.
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