- Reuters claims exchange mixed funds
- A Binance spokesperson called this accusation weak.
- He also said that this material is 1000 words of conspiracy theory.
Tuesday, May 23, Reuters published a report claiming that Binance combined customer funds with revenue in 2020 and 2021.
Binance Chief Strategist Patrick Gillmann responded on Twitter:
“Let me explain how desperate a Reuters journalist is to publish a negative story. The whole basis of their story is that when users bought BUSD from Binance, they were taken to a transaction page that contained the term “deposit”. Users were buying a stablecoin that Paxos could exchange, which was clearly stated on the page. This story is so weak that they had to put it out: “Reuters found no evidence that Binance customers’ money was lost or taken.”
Reuters, citing three unnamed insiders, reported that Binance mixed billions of dollars in the company’s Silvergate Bank accounts almost daily. According to bank records released to the agency, on February 10, 2021, Binance mixed funds of $20 million from a corporate account and $15 million from an account that received funds from clients.
Another Binance spokesperson, Brad Jaffe, stated that Silvergate Bank accounts were not used to accept user deposits, but rather were used to facilitate the purchase of cryptocurrencies.
Hillmann also added:
“They attached 1,000 words of conspiracy theories with zero evidence other than ‘former insider’. We’ve been very public about where the company has had regulatory shortcomings in the past, so there’s no reason for a respected news outlet like Reuters.”