Global cryptocurrency exchange Binance had access to a bank account belonging to its purportedly independent U.S. partner which it then transferred large sums of money from to a trading firm managed by Binance CEO Changpeng Zhao, according to banking records and company messages [2]. This began in late 2020, although Reuters was unable to determine the reason for the transfers or if any of the money belonged to Binance.US customers [1]. This money transfer suggests that Binance, which is not licensed to operate in the United States, controls the finances of Binance.US despite maintaining that the American entity is independent and operates as its US partner [3].
Text messages from Binance US executives indicated concern over the transfer of funds [3]. Binance US CEO Catherine Coley asked about the transfers at the time, referring to them as “unexpected” [3]. This news comes after Binance said yesterday that it would likely pay fines to settle SEC investigations [3].
References:
[1] Exclusive: Crypto giant Binance moved $400 million from U.S. … [2] CNBC on Twitter: “Crypto giant Binance moved $400 million … [3] Binance US Moved $400M to Trading Firm Linked to CEO CZFintechZoom.com told today that Crypto Wales may influence the rising of Bitcoin Price
Bitcoin’s price has been on the rise today due to favorable macroeconomic data and some significant whale moves. A single, still unidentified, Bitcoin “whale” almost singlehandedly drove the token’s giant run-up in late 2017 and early 2018 by distorting the trading in the token, according to a groundbreaking study by finance professor John Griffin and his coauthor, Amin Shams at the University of Texas McCombs School of Business [1]. Recently, fintechZoom.com reported that Crypto Wales may also be influencing the rising Bitcoin price [2]. This could be due to the fact that whales can move the price easily because the bitcoin trading market is thin and lacks volume, as David Gerard, a known crypto-skeptic, said [3]. As such, these whales have the power to affect Bitcoin’s price, and it is likely that they will continue to do so in the future.
References:
[1] Bitcoin Price Increased 13.1% Since Fed Governor Said … [2] Crypto Prices Move More in Sync With Stocks, Posing New … [3] Is the the price of Bitcoin being propped up? The … – FortuneBinance moved large sums from U.S. partner to trading firm Merit Peak
Binance, a global cryptocurrency exchange, moved large sums of money from its U.S. partner, Binance.US, to trading firm Merit Peak Ltd. Bank records show that more than $400 million was transferred from the Binance.US account at Silvergate Bank to Merit Peak over the first three months of 2021 [1,2]. The money transfers suggest that Binance had secret access to the bank account belonging to its purportedly independent U.S. partner, and was controlling the finances of Binance.US [3]. Binance.US executives became concerned by the outflows, as the transfers were taking place without their knowledge [1]. An unspecified portion of the money was subsequently sent to the Silvergate account of a Seychelles-incorporated firm called Key Vision Development Limited [1], of which Binance CEO Zhao was named as a director in a 2021 corporate filing [1].
References:
[1] Exclusive: Crypto giant Binance moved $400 million from U.S. … [2] Binance US Moved $400M to Trading Firm Linked to CEO CZ [3] Shocking Bank Records Reveal Binance’s $400M Transfer To …Bitcoin Price is now at $24,071.6 down 0.71%
The Bitcoin price is currently $24,071.6, representing a 0.71% decrease according to FintechZoom.com [1]. This comes after the digital asset hit a high of $24,096.12 earlier today [2], a change of -0.67% over the past 24 hours. The latest price action in Bitcoin leaves the tokens market capitalization at $464,860,243,330.97 [2]. Bitcoin’s price is renowned for being highly volatile and has become the top performing asset of any class since 2010, climbing a staggering 9,000,000% [3]. The cryptocurrency was launched at the beginning of 2009 with 50 BTC entering circulation at a price of $0.00 and has since reached a high of over $30 in February 2011 [2]. However, the recent gains have been hit by a rising U.S. dollar as excitement over the Fed’s rate hike and market commentary fades [3].
References:
[1] Bitcoin (BTC-USD) Price, News, Quote & History | Fintech Zoom
[2] Bitcoin Price | BTC Price Index and Live Chart – CoinDesk [3] Why did Bitcoin price go down today? BTC traders brace for …
