![]() ![]() Key Vision's local registered agent did not respond to requests for comment. A former Silvergate executive confirmed that Key Vision held an account at Silvergate at the time. A 2021 corporate filing by another Binance unit identified CEO Zhao as a director of Key Vision. An unspecified portion of the money was subsequently sent to the Silvergate account of a Seychelles-incorporated firm called Key Vision Development Limited, according to a person with direct knowledge of the transfers. Reuters was unable to trace what became of the $400 million. Li wrote that Merit Peak was a "vendor that facilitated trading" on Binance.US and also provided loans and capital injections to the American exchange.Ĭoley, who left Binance.US later in 2021, didn't respond to questions sent via her legal representatives. In a response to Coley, seen by Reuters, the Binance executive, Susan Li, did not explain the transfers. "Where are those funds coming from?" she wrote in one message. The CEO of Binance.US at the time, Catherine Coley, wrote to a Binance finance executive in late 2020 asking for an explanation for the transfers, calling them "unexpected" and saying "no one mentioned them." A Silvergate spokesperson said the bank does not comment on individual customers.īinance.US's executives were concerned by the outflows because the transfers were taking place without their knowledge, according to messages reviewed by Reuters. The Binance global exchange, Binance CEO Zhao and Prime Trust did not respond to detailed questions about the transfers. Soward didn't specify when Merit Peak's activities ceased. ![]() She added: "Merit Peak is neither trading nor providing any kind of services on the Binance.US platform" and "only Binance.US employees have access" to the bank accounts of the U.S. In a statement, she said Reuters' reporting used "outdated information" without elaborating further. Prime Trust made $650 million in wire transfer deposits into the Binance.US account during the quarter, the bank records show.Ī Binance.US spokesperson, Kimberly Soward, did not address Reuters' questions about the transfers detailed in the bank records. The exchange's public terms of use at the time said its customers' dollar deposits were held at Silvergate and a Nevada-based custodian firm called Prime Trust LLC. Reuters couldn't determine the reason for the transfers or whether any of the money belonged to Binance.US customers. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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