Reuters Reported Binance Controlled Independent U.S. Affiliate's Bank Accounts At Silvergate
Portfolio Pulse from Charles Gross
Reuters reported that Binance, the world's largest cryptocurrency exchange, controlled the bank accounts of its independent U.S. affiliate at Silvergate Bank. This raises concerns about the true independence of the U.S. affiliate and potential regulatory scrutiny.
June 05, 2023 | 9:08 am
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Silvergate Bank's relationship with Binance's U.S. affiliate may lead to increased regulatory scrutiny and potential reputational risks.
Silvergate Bank's involvement with Binance's U.S. affiliate's bank accounts raises concerns about the true independence of the affiliate. This may lead to increased regulatory scrutiny and potential reputational risks for Silvergate Bank, which could negatively impact its stock price in the short term.
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