Exclusive-Crypto giant Binance controlled ‘independent’ U.S. affiliate’s bank accounts

FILE PHOTO: Binance logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON - A senior Binance executive was the main operator for five bank accounts belonging to the giant cryptocurrency exchange’s purportedly independent U.S. affiliate, including an account that held American customers’ funds, bank records show.

U.S. lender Silvergate Bank authorized the executive, Guangying Chen, a close associate of Binance CEO Changpeng Zhao, to operate the accounts in 2019 and 2020, according to records from those years. This allowed Chen and her deputies to move funds held in the bank accounts. Employees at the affiliate, Binance.US, had to ask Chen’s team to process payments, even to cover the firm’s payroll, company messages show.