A Chinese Investor and Binance Helped Acquire a Texas Mining Facility
A recent report from The New York Times has revealed how Chinese investors, with the assistance of Binance, acquired a crypto mining facility in Texas. The majority owner of the facility, called BitRush, is a 23-year-old Chinese national and NYU student named Jerry Yu. The facility received $6 million in Tether (USDT) from undisclosed Chinese investors.
Lawsuits filed against BitRush by Crypton Mining Solutions have raised concerns about the transfer of funds from China to the US. These lawsuits have exposed a money trail that ends at Binance, which facilitated transactions with USDT through its offshore branch when it did not comply with American banking rules.
The source of the funds is unknown, except to Binance. BitRush’s lawyer, Gavin Clarkson, stated that the company never sent or received money through Binance. He also denied claims of non-payment and asserted that they followed all relevant laws and regulations.
Binance spokesperson stated that the transactions involved “foreign nationals who were not U.S. residents,” but did not disclose their names. Legal documents indicate that BitRush planned to purchase the Texas site with $6.33 million in USDT. The largest shareholder after Jerry Yu was an undisclosed investor from IMO Ventures, a China-focused venture capital firm.
Hot Take: Chinese Investors Utilize Binance to Secure Crypto Mining Facility in Texas
A recent report from The New York Times has provided insight into how Chinese investors successfully acquired a crypto mining facility in Texas with the help of Binance. The majority owner of the facility is a 23-year-old Chinese national and NYU student named Jerry Yu. The facility received $6 million in Tether (USDT) from undisclosed Chinese investors.
The acquisition process has raised concerns regarding the transfer of funds from China to the US. Lawsuits filed against BitRush, the mining facility, have revealed a money trail that leads to Binance. Binance facilitated transactions with USDT through its offshore branch when it was not in compliance with American banking rules.
Although the source of the funds remains unknown, except to Binance, BitRush’s lawyer denies any involvement in sending or receiving money through the exchange. Binance has stated that the transactions involved “foreign nationals who were not U.S. residents.” Legal documents reveal that BitRush intended to purchase the Texas site using $6.33 million in USDT. An undisclosed investor from IMO Ventures, a China-focused venture capital firm, was the second-largest shareholder after Jerry Yu.
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