Binance Exec Debunks Report, Refuses to Mix User Funds

Binance Exec Debunks Report, Refuses to Mix User Funds

Binance, the world’s largest crypto exchange, faces allegations of mixing user funds with company revenue during 2020-2021, amidst regulatory trouble in the US.

Binance Crypto exchange News: Binance Crypto exchange, the world’s largest cryptocurrency exchange reportedly mixed its user funds with the company revenue during the time period of 2020-2021. The controversial report comes in when the cryptocurrency exchange is indeed facing regulatory trouble in the United States Nonetheless, Binance’s top executive has announced an advisory over the big states raised by our  trending news agency.

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Patrick Hillmann, Binance’s Chief Communications Officer commenting on the states intimated that it is a desperate move to publish a negative story against them. He argued that the basis of all the assertions is users purchasing BUSD (Paxos) from the cryptocurrency exchange were transacted to a page that mentioned a deposit.

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Binance Crypto exchange Executive highlighted that the traders on the exchange were purchasing the crypto stablecoin that was redeemable by Paxos, while it was clearly mentioned on the alleged page.

Earlier, Paxos received the Wells Notice from the United States Securities and Exchange Commission (SEC). The Watchdog alleged that Binance Crypto exchange USD (BUSD) was unregistered security. Nonetheless, the New York Department of Financial Services (NYDFS) requested the crypto stablecoin issuer to halt the service.

Hillmann was known all the assertions made in the report weak and argued that the latest information agency have no evidence to facilitate it. He alleged the report is just a conspiracy theory. Binance Crypto exchange has been very much open regarding the regulatory issues raised in the past, he added.

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Reports by the report published by Reuters, a source from Binance’s finance section alleged that billions of dollars used to come in, and the mixing of funds used to take place on a daily timeframe. It also mentioned that a bank record from the February 10, 2021 depicts that the cryptocurrency exchage mixed around $20 Million from corporate account with $15 Million of a user money.


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