The subpoenas were part of a larger investigation into the potential violations of money-laundering laws by the world’s largest crypto exchange, which was first reported by Bloomberg in June last year.
Reuters added that records show Binance.US's executives expressed concern about the outflows because the transfers were taking place without their knowledge.
A Binance.US spokesperson said the report used "outdated information" and that Merit Peak was “neither trading nor providing any kind of services on the Binance.US platform.” She claimed that "only Binance.US employees have access" to the bank accounts of the U.S. company.
It is worth noting that the US Securities and Exchange Commission launched a probe into potential connections between Binance.US and the same trading firm in February 2022, looking into the relationship between Binance.US and trading firms Sigma Chain AG and Merit Peak.
The media reported that the Binance.US account was registered under the name of BAM Trading. Furthermore, the records show the transfers to Merit Peak began in late 2020.
Over $400 million flowed from the Binance.US account at California-based Silvergate Bank to Merit Peak, a trading firm linked to CZ, over the first three months of 2021, according to records for the quarter, which were reviewed by Reuters.
A new report shows that Binance moved more than $400 million from its purportedly independent U.S. partner to a trading firm managed by the company's CEO, Changpeng Zhao.
The comet C/2022 E3 (ZTF) became quite the celestial celebrity in early 2023 as its close approaches to the sun and then Earth made its bright green glow visible from our planet, but this might be its last visit.
