{"id":609860,"date":"2023-02-20T00:51:40","date_gmt":"2023-02-20T06:51:40","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/20\/will-binance-us-face-a-congressional-inquiry-into-connection-with-merit-peak\/"},"modified":"2023-02-20T00:51:40","modified_gmt":"2023-02-20T06:51:40","slug":"will-binance-us-face-a-congressional-inquiry-into-connection-with-merit-peak","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/20\/will-binance-us-face-a-congressional-inquiry-into-connection-with-merit-peak\/","title":{"rendered":"Will Binance.US Face A Congressional Inquiry Into Connection With Merit Peak?"},"content":{"rendered":"
\n
\n
\n
\"ARTICLE<\/figure>\n<\/div>\n
\n

Binance, a major cryptocurrency exchange, secretly gained access to a bank account belonging to an ostensibly independent US partner and transferred sizable sums of money from the account to a trading company run by Binance CEO Changpeng Zhao.<\/p>\n

More than $400 million was transferred from the Binance.US account at California\u2019s Silvergate Bank to this trading company, Merit Peak Ltd., during the first three months of 2021, according to records for the quarter, which were reviewed by Reuters.<\/p>\n

The Securities and Exchange Commission is investigating the relationships between the U.S. division of Binance and two trading companies with ties to the company\u2019s founder. Sigma Chain and Merit Peak are the two companies, and they act as \u201cmarket makers\u201d on Binance\u2019s US exchange.\u00a0<\/p>\n

It is speculated that the US congress may get involved in this. Let\u2019s explore.\u00a0<\/p>\n

Senator Marshall says US Congress may hold an inquiry into Binance<\/strong><\/h2>\n

A senator was quoted by Reuters on February 17 as saying that the U.S. Congress should conduct an investigation of Binance.US because of its affiliation with Merit Peak.<\/p>\n

\n

Senator Roger Marshall told the publication, \u201cSomething fishy is going on here that clearly doesn\u2019t pass the smell test\u2026Congress needs answers, and Binance.US and Silvergate are obligated to give them to us.\u201d\u00a0<\/p>\n

Since that report, Binance.US has publicly stated on Twitter that Merit Peak operated on its platform but \u201cstopped all activity on [Binance.US] in 2021.\u201d<\/p>\n<\/blockquote>\n

Although Binance.US provided Reuters with a similar remark in private earlier, it also elaborated on that position in a public Twitter post. It stated that the only people with access to firm bank accounts are employees of Binance.US. Additionally, it stated that Merit Peak and other external market makers must compete honestly and openly for discounts.<\/p>\n

Binance\u00a0 US further stated that it would never exchange or lend out consumer funds. The firm expressed its distaste for high-profile business failures brought on by fund intermingling, probably referring to FTX and Alameda Research\u2019s demise.<\/p>\n

\n
\n
\n
\n

There have been many attempts to draw parallels between https:\/\/t.co\/AZwoBOgsqS<\/a> and fraudulent exchanges that have gone bankrupt. The real facts speak for themselves: there is no comparison. <\/p>\n

Our leadership team is staffed with former DOJ, SEC, FBI, and NYFed employees who are\u2026 https:\/\/t.co\/5etl0z3ZUX<\/a><\/p>\n<\/div>\n

\u2014 Binance.US ???????? (@BinanceUS) February 16, 2023<\/a><\/p><\/blockquote><\/div>\n<\/figure>\n

Binance Expects to Pay Penalties to Resolve U.S. Investigations\u00a0<\/strong><\/h2>\n

Binance, the world\u2019s largest cryptocurrency exchange, plans to pay monetary penalties to settle existing U.S. regulatory and law-enforcement investigations into its operations, according to the company\u2019s chief strategy officer in an interview.<\/p>\n

\n

According to Mr. Hillmann, the business is \u201cworking with regulators to figure out what are the remediations we have to go through now to make amends for that.\u201d The outcome will \u201clikely be fine, could be more.\u2026 We just don\u2019t know. That is for regulators to decide.\u201d<\/p>\n<\/blockquote>\n

Do you believe that this is a significant enough issue to get Congress\u2019s attention and prompt them to take action against Binance? Is Binance engaging in illegality as the senator suspects?<\/p>\n<\/div>\n

\n

Was this writing helpful?<\/h4>\n

No<\/span> Yes<\/span><\/h5>\n<\/div>\n
\n

\"Photo <\/a><\/p>\n<\/div>\n<\/div>\n

Read More<\/a>
\n Sohrab Khawas<\/p>\n","protected":false},"excerpt":{"rendered":"

Binance, a major cryptocurrency exchange, secretly gained access to a bank account belonging to an ostensibly independent US partner and transferred sizable sums of money from the account to a trading company run by Binance CEO Changpeng Zhao.More than $400 million was transferred from the Binance.US account at California\u2019s Silvergate Bank to this trading company<\/p>\n","protected":false},"author":1,"featured_media":609861,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22426,38145],"tags":[],"class_list":{"0":"post-609860","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-binance","8":"category-congressional"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/609860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=609860"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/609860\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/609861"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=609860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=609860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=609860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}